US EditionNew Home Sales Show Why Residential Construction Is in a Recession
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New home sales show why residential construction is in a recession
In today’s report, new home sales fell short of sales estimates and experienced negative sales revisions, while inventory levels increased, which explains why residential construction is in a recession. However, today’s data doesn’t indicate a crash in new home sales. Instead, it highlights my concerns from December 2024: homebuilders are accumulating a lot of completed units for sale, and they typically refrain from increasing housing starts wh…
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