Data released this morning that the gap between the number of housing construction starts, and new home sales, is now the widest its been since pre-pandemic. In fact, it's the widest it's been in a long time. Add this to the growing list of less than stellar economic indicators coming to the fore front. Will be interesting to see if this forces the Fed to revisit their interest rate policies, which are currently telegraphing massive short-term interest rate increases through the remainder of the year. Lastly, when you see cracks like this start to form, at the very beginning of their interest rate moves, it makes their "soft landing/no recession" goal that much harder.
Also, interesting that the Midwest, usually not among the extremes in economic swings, recorded the 2nd largest decline in new home sales last month (15.1%). Only the South (at 19.8%) was worse.
Also, interesting that the Midwest, usually not among the extremes in economic swings, recorded the 2nd largest decline in new home sales last month (15.1%). Only the South (at 19.8%) was worse.
