Holy Housing

From 1/1/14 through 7/31/14 new home sales totaled 266,000, down from 268,000 during the same period in 2013. Similarly, single-family starts are up just 3.2% year-to-date and single-family permits are up just 0.8% year-to-date. Single-family activity is, in part, so lackluster because the average new house price hit a new record high of $339,100 last month! At the height of the housing boom in 3/07 the average was just $329,400.