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The Single Life
US housing starts fell a fourth month in December, and figures for the prior two months were revised lower, according to data released on Thursday.
The numbers offered yet another tepid read on a market that suffered mightily in 2022 amid unrelenting pressure from the Fed, housing's erstwhile bubble accomplice.
Experts of various sorts expected starts to run at a 1.4 million annualized rate last month. The reported pace was 1.382 million.
Overall, the pace in December was close to the weake
At the peak, institutions, in 2Q 2022, were buying 20% of homes that were listed for sale. That percentage has dropped to about 16%- which is still pretty high – possibly indicating that the institutions are still mostly cash buyers.
That is a significant upward influence on pricing.