New Home Sales down.
PMI Manufacturing Index Flash (July 2015)
– Level 53.8. Previous was 53.4
New Home Sales (June 2015)
– New Home Sales (seasonally adjusted, annualized) 482,000. Previous was 517,000.
This is weak and less than expectation. While housing is always regional New Home Sales certainly are an important macroeconomic indicator. To some extent what we have seen this year is an increase in multi-family construction and flat single-family construction. This is partly due to construction in cities where multi-family is the only option for expanding housing supply.