Holy Housing

March sales of new homes hit a seasonally adjusted annualized rate 1.02 million, 20% above the very strong February number of 846,000, their best performance since 11/06. Moreover, the inventory of completed homes for sale is at record low, below the 2013 post Housing Bust trough. Low rates, low existing supply, and a booming stock market are magic. Hopefully, supply-chain bottle necks and a labor shortage don’t derail this boom.