RMRM - August New Home Sales Confirm That The Long Leading Housing Sector Has Been Surging
- Housing is a long leading sector of the economy, typically giving us information 12 to 18 months into the future.
- New home sales are the most leading of all housing metrics, but are very volatile and heavily revised.
- August new home sales hit the highest level in nearly 15 years.
- Because they confirm the surge in the less volatile single-family housing permits, the new high is almost certainly a signal rather than a noise, a powerful plus for the economy in 2021.
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August New Home Sales Confirm That The Long Leading Housing Sector Has Been Surging