Housing market conclusion: While the data became moderately softer during 2018, the market is healthy. A strong jobs market is supporting consumer demand. Interest rates have dropped since the beginning of the year. The supply situation is far more controlled during this expansion; builders are exercising far more prudence over total units built relative to supply.
Demand
Consumers won't buy a home if the jobs market is weak. Thankfully for the housing market, the labor market is very strong. The 4-week moving average of initial unemployment claims is near a multi-decade low. Most other labor