CHART OF THE DAY: We Still Like Housing on the Domestic Macro Front

01/22/15 08:03AM EST

CHART OF THE DAY: We Still Like Housing on the Domestic Macro Front - Starts Total SF TTM

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Editor's note: This is a brief excerpt from today's Morning Newsletter written by Hedgeye U.S. macro analyst Christian Drake.

Yesterday’s housing data offered further confirmatory evidence of firming demand and the trend toward improving rate of change as we head into the new year. 

  • Purchase Applications:  Purchase demand registered a second week of positive year-over-year growth - the 1st weeks of positive growth since December of 2013 – accelerating to +3.7% in the latest week from +2.6% prior.  Growth is currently tracking +9.2% on a QoQ basis. 
  • Housing Starts:  Total Housing Starts rose +4.4% to 1.089MM units in December with both October and November estimates revised higher. Notably, single-family starts rose +7.2% sequentially to +782K, the highest level since March of 2008.   The Chart of the Day below shows the (improving) TTM trend in Housing Starts. 


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