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LRET - Housing Construction May Be Bottoming But Price Growth Continues To Decelerate
UBS AG ZC SP ETN REDEEM 05/05/2045 USD 25
Introduction
With this morning’s release of housing permits and starts for February, this series has finally been brought back up to date following the government shutdown. Let’s take a look, bearing in mind that interest rates turn first before sales, and sales turn before prices.
Overall starts and permits have increased slightly from their 2018 lows, but single-family permits matched their 12-month lows
To begin with, here is the graph from the Census Bureau comparing permits, starts, and completions:
You can ignore completions. Both permits and starts had a poor month, close to their 2018