Chillin' out till it needs to be funded
The Hopi Index did not have much to offer flat on DEcember after December was revised to 183, a 0.1% growth over November down from 0.7% The nine divisions were almost all down for the year except for West North Central (North Dakota) which built a 4.7% jump this month to build a 5.2% Y/Y growth, and while Boston was again in the negative yards, New York and Pennsylvania prices were firmer by 0.8%
The Pacific (Hawaii, California) divisions tried in January almost up 1% like in the Mountain Division ( Utah, Idaho, Montana) but growth over a 12 month period was down at least in the West Coast divisions at -2.4% while the Mountain Divison was almost flat for the year a t -0.2%
Construction firms are probably looking for firmer prices as Inventory moves in a narrow range even after improving to 6.4 months in February and Permits again not translating into Housing starts is an indicator of more sensible wait and watch and as the chart shows, things could have been much worse, that we are hanging on to and not falling in prices from here with relatively good demand in poeple moving into new rentals keeping Housing completions moving
New Home Sales fell 1.1% in February but will still be more than the 300,000 number revised in December to 324,000 and January being 321,000
Supply of new homes was tight in January at 5.6 months and prices fell 10% on year to 215,000. Tomorrow;s data likely indicating if builders feel confident about using their new licences and how much.