Housing data (starts and permits) were out this morning, painting a mixed picture. Starts exceeded expectations by 53k, although May was revised down by 26k. Single family accounted for 1.13 million of the 1.643 million total.
Permits, on the other hand, missed (but nothing too scary), coming in at their lowest since last August.
Here's economist Peter Boockvar's take:
"I can only guess that the difficulty in getting materials, appliances even and labor along with the growing problem of properly pricing a home where a contract is signed before all the materials are procured are the reasons."
Well, sure, no doubt materials and labor constraints are taking a toll, but I'm thinking disappointing permit numbers has at least as much to do with the following:
University of Michigan Consumer Sentiment Good-Time-To-Buy-A-House? Question:
"The reward of the historian is to locate patterns that recur over time and to discover the natural rhythms of social experience." The Fourth Turning, Strauss and Howe
Have a great day!