Starts fell more than every Bloomberg estimate with single-family the least in a year, while single-family permits dropped to the lowest since March 2023.
NAHB’s Housing Market Index falls to 29 in October, with all three components also hitting multi-year lows even as 43% of builders cut prices.
August new home sales beat every forecast on a shift to lower priced homes. The average new home price fell $47,700 in a single month, the largest dollar drop on record.
Pending home sales rose slightly in August but are down nearly 5% from a year ago and remain just above record lows.
NAHB Housing Market Index comes in below the 50 dividing line between poor/good conditions for a 29th consecutive month, and below 40 for a 17th straight month, the longest such stretch since 2012.
The data landscape has shifted but developments this week could render a decision.
The July Jobs Report, Homebuilder M&A, semi-cap lead times, and other headlines are moving stocks this morning.
Reports indicate the U.S. rejected limiting terms from Iran, lifting oil prices and Treasury yields.
These factors will determine the duration of the Portfolio’s position the shares.
Trump’s tariffs, TSM price hikes and other headlines are moving stocks this morning.
