January housing starts stayed in the toilet, running only about flat year to year. The multifamily boom continued while single family languished. The chart tells the story.
New home sales in the New Normal are almost redundant. The markets have written off any construction resurgence for the short and medium term.
New home sales are likely up 10% (22,000 in December vs 20,000 in November) using historical November and December sales unadjusted sales data. The seasonal adjustment factors used by the U.S. Census are distorting the data.