Housing Permits Remained Above 100,000 for Fifth Month

(Positive) There were 100,400 housing permits filed in July 2017. This was the fifth straight month that permits were above 100,000. July was the fewest permits from the last five months. Compared with one year ago, housing permits increased 5.6 percent, which was the seventh straight month of increase. The annual rate of growth accelerated for the fifth month in a row to 6.5 percent, which was the fastest rate of growth since May 2016.

The year-over-year change in the real 10-year Treasury rate, -36 basis points, was the highest since May 2016. A rising year-over-year change in the real 10-year Treasury rate is negative for housing permits. Changes in the interest rate lead changes in housing permits by about 12 months on average.