June 2024 Residential Construction and Sales

The boring recovery continues.

Figure 1 shows stagnant sales, rising inventory, and rising months of supply for sale. It’s 2008 all over again!

It’s an interesting situation we find ourselves in. None of those measures matters. We really are in a unique situation in the US housing market. Most of the time these measures do matter, but they don’t now, and you have to know the cheat code to this unprecedented market to find what does matter.

This month’s details below the paywall for subscribers.