Residential sales seems to be confirming the bullish trend.
Figure 1 is the unhelpful measures. Months’ supply is declining because the normal measure includes homes under construction and construction schedules are speeding up back to normal.
Actually, homes sold is now becoming informative in the normal way. Sales are back on the upswing, but now the homes being sold will likely be completed in a timely manner. So, it is a true harbinger of rising construction activity.
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