Hovnanian continued the trend yesterday of testing object permanence in communal human perception. This was about the 98th homebuilder earnings announcement out of the last 100 that beat expectations on earnings with an increase in forward revenue and income guidance. Apparently this is still surprising to investors, so Hovnanian was up 15% on the day.
I'm willing to bet that the relative decline in home sizes correlates with the uptick in multifamily starts because condo units will range in size from 500 to 1500 s.f.--which makes me nervous about slowdowns in that area that's indicated by the AIA billings index. I'm hoping this is offset by continuing victories on the YIMBY front which lead to more variety in housing types like ADU's. The detached, single family starter home that ranged in size from 1000 to 1600 s.f. seems to have died out in the 1970's.