Peak Production
10/26/2020 |
September new home sales came in at a seasonally-adjusted annual rate of 959,000. While slightly below street expectations, starts are amazingly up 16.9% YTD. But Y-o-Y growth is declining, inventory is up slightly to 3.6 months from August all-time low of 3.4, and sales are 3.5% lower than last month and almost 1% down from the month before. All this suggests that peak 2020 new sales are behind us.