Pantheon Macroeconomics
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A significant recovery seems unlikely in the near term.
Expect a small rise in H2 sales, but the weakening labor market will constrain activity.
The PMI is probably a poor guide to the national picture.
New mortgage rates still far too high for transactions to recover
The drop in sales is probably noise, but the underlying trend is weak.
Sales likely to stagnate for the next few months, at best.
Residential investment bounced in Q1.
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