Prior was 34
Details:
Single family 35 vs 37 priorProspective buyers 21 vs 23 priorSales expectations 40 vs 42 prior
This is a dismal number and is the worst since 2022 and within striking distance of the 2020 low of 30. Anything home-related is in a deep recession right now with no help in sight as 30-year borrowing rates remain high. A gigantic increase to the US deficit isn’t going to help, nor would a costly foreign war.
Fed cuts could start to turn the tide but not if the market senses inflation.
This article was written by Adam Button at www.forexlive.com.