In July 2024, US building permits fell 3.3% to an annual rate of 1.406 million. Permits for buildings with five or more units declined 10.7% to 416K, while single-family authorizations rose slightly by 0.2% to 941K. 

‍

New single-family home sales jumped 10.6% to 739,000, surpassing expectations. Kamala Harris's plan to create 3 million new housing units over four years could help stabilize prices, which might otherwise rise further if building permits continue to decline and demand increases, especially in a lower interest rate environment.

‍

Homebuilder stocks were on fire last week, with shares of PulteGroup (PHM) - a stock with 5 bullish AI alerts since 2022 - leading the way in its 9% surge last week. PHM is up 140% since January 2022. The group may have received an extra boost following VP Harris' announcement that she support tax incentives for homebuilders to build more homes faster as well as a $25K incentive for first-time homebuyers.

‍