Sales collapse to 23-year low, a negative lead for renovations & consumption
The number of home sales (12-month sum) collapsed by ~21% y/y, from -13% last year, to the lowest level in 23 years. The turnover rate (sales divided by stock) collapsed to a record low near ~3%, a negative lead for renovations & consumption. That said, approvals for renovations have been surprisingly resilient despite weak sales.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
