New home lot supply drops to cycle lows
The event of the year is occurring later this week when President Trump and Chinese President Xi Jinping meet at the G20 summit. How will trade agreements reignite global economic growth? What impacts will a successful outcome have on the housing industry?
A successful outcome from the G20 summit, defined by a mutually beneficial trade agreement with no additional taxes implemented on either side, could reignite global economic growth. Clarity is good for hiring, encourages business investment, and promotes consumer spending. A seemingly negative impact on the housing industry could be higher rates, but we need to think about the bigger picture. Higher rates would be a sign investors are less concerned about an imminent recession. Not reaching a deal, however, could mean that the ‘growing but slowing’ economy of today could persist and potentially worsen.
National new home sales fell, but not everywhere. Sales in the Midwest and South grew YOY.
The existing home space captures roughly 90% of the total housing market.
Single-family housing starts are a strong leading indicator of economic health.
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