The housing recovery continues, driven by a low supply of homes for sale.
Demand for housing is more complicated. High mortgage rates, high home prices, rising unemployment, and high construction costs are downside risks. Upside risks to demand are strong wage growth, strong income growth, high stock prices, and high cash flows for owners of fixed-income assets. The Fed cutting rates will also help housing.
With low supply and both upside and downside risks to demand, the housing recovery continues.
Source: FRB of NY, Haver Analytics, Apollo Chief EconomistSource: NY Fed, Bloomberg, Apollo Chief EconomistSource: Census Bureau, FRED, Apollo Chief EconomistSource: NAR, Apollo Chief EconomistSource: Census Bureau, Haver Analytics, Apollo Chief Economist
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