HOMZ - Housing Permits And Starts Make New Expansion Highs; More Signs Of H2 2020 Expansion
Introduction
Nearly every month, I repeat the same mantra over and over with regard to housing:
- Interest rates lead sales
- Sales lead prices
- Prices lead inventory
Wednesday morning’s report on housing permits and starts for August provides yet another example among the ample proof of the first part of this mantra. Here’s a more extended look.
Housing bottomed in the April-June quarter, and several measures have made new expansion highs
In August, both permits and starts made new expansion highs:
The less volatile single-family permits - which really help distill signal from noise - did