Construction Spending

April 1, 2021 . Construction spending (the green bars above) declined 0.8% in February after having risen 1.2% in January and 2.1% in December.  The dip in February undoubtedly reflects the series of snow and ice storms that paralyzed much of the Midwest and Northeast...

Pending Home Sales

March 31, 2021 Pending home sales declined 10.6% in February to 11.0 after having declined 2.4% in January.  Following the March/April recession, home sales have surged but hit a speed bump in February as a series of snow and ice storms paralyzed much of the Midwest...

Case Shiller Index of Home Prices

March 30, 2021 The Case Shiller Index of Home Prices in 20 cities rose 1.2% in January after having risen 1.6%, 1.5%, and 1.3% in the November to January period.  Over the past year home prices have risen 11.2%.  But in the past three months prices have climbed at a...

New Home Sales

March 23, 2021 New home sales plunged 18.2% in February to 775 thousand after having risen 3.2%% in January.  But the February outcome is almost certainly attributable to the series of snow and ice storms that paralyzed much of the Midwest and the Northeast in that...

Existing Home Sales

March 22, 2021 Existing home sales fell 6.6% in February to 6,220 thousand after having risen 0.2% in January. However, the February reading was almost certainly caused by the series of snow and ice storms that paralyzed economic activity in a large part of the...

Housing Starts

March 17, 2021 Housing starts fell 10.3% in February to 1,421 thousand after declining 6.1% in January.  However, the declines in starts in January and particularly February should be discounted for two reasons.  First, the weather was atrocious in February as a...