Macro · BTC
Housing Starts & New Home Sales
New residential construction and new single-family home sales.
housing starts (thousands)new home sales (thousands)
Understanding this chart
Housing is the economy's most interest-rate-sensitive sector and its most reliable early-cycle indicator — starts roll over a year or more before recessions and trough before recoveries.
The post-2022 freeze is textbook: 7% mortgages froze both construction and sales. Housing turning up while the Fed still holds tight would be the classic early-recovery divergence to watch for.