Bay Area building permit activity rose 111 percent from January to February with 80 percent of the gain attributable to a single 143-unit mixed-use Berkeley project. At the same time, Bay Area permit area activity is down 47 percent on a year-over-year basis.
The pace of U.S. new-home sales also “unexpectedly” increased 4.7 percent from January to February (up 6.6 percent in the West), but fell 41 percent on a year-over-year basis.
In related news, we continue to see seasonality.
∙ Home building permits rise – concerns linger [SFGate]
∙ New-Home Sales in U.S. Rose 4.7% to a 337,000 Pace [Bloomberg]
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
Please define ‘seasonality’.
killbotkondo – Check out the link that the editor included under the seasonality comment : https://socketsite.com/archives/2009/03/socketsite_sees_seasonality_versus_a_rebound.html
The chart shows that sales are always lower in the winter, picking up in the spring. There are other seasonal peaks and valleys to expect.
Thanks TMOD !