Gavekal Capital: Housing Market Activity Picks Up In The Northeast

Monday, November 18, 2013

Housing Market Activity Picks Up In The Northeast

An under appreciated aspect of the rebound in the housing market has been the relative lack of a rebound in the Northeast. According to Case-Shiller, New York City has had the weakest rebound in prices from their lows of the twenty cities they track and Boston has had the third weakest rebound.

The Case-Shiller Home Price index is, however, a lagging indicator. The latest NAHB Housing Market Index which was released this morning shows a sharp increase in the Northeast (14 points higher than October's reading). This is in contrast to the overall index which was flat month-to-month.

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