March data for housing starts, building permits, and existing home sales came out this week. All three economic indicators continue to point to a housing market that has yet to enter a sustained recovery. New housing starts and building permits both ticked up in March, but failed to recover the ground given up in February. Existing home sales also ticked up in March, but remain subdued. Total existing home inventory at the end of March rose to 3.55 million homes—an 8.4 month supply at current sales rates. The median price of a single family was $160,500 in March—down 5.3% from March of last year. With 40% of existing home sales classified as distressed, the downtrend in prices may persist.
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Richard C. Young & Co., Ltd. was ranked #10 in CNBC's 2019 Financial Advisor Top 100. Jeremy is also a contributing editor of youngresearch.com.
Latest posts by Jeremy Jones, CFA (see all)
- Whether Through Audacity or Ignorance, Stock Fundamentals Are Being Ignored - January 19, 2021
- Jim Simons’s Renaissance Technologies vs. Internet Forum Traders - January 15, 2021
- Biden Plans to Spend Trillions More on COVID-19 Stimulus - January 14, 2021