Thursday, January 18, 2018

A quick note on housing permits and starts

 - by New Deal democrat

I'll do a more detailed analysis next week, once new home sales are reported, but for now a quick synopsis about December housing permits and starts:

  • single family permits (the least volatile, most forward looking metric) made another new high
  • total permits are just slightly below their October high
  • the three month moving average of the more volatile housing starts made a new high save for the three month average from 10 months ago.

YoY interest rates are no longer a drag on the market, and I am impressed with the strength of the demographic tailwind. While not perfect, this was a very positive report.