More of same- looking very weak
Redbook’s sample has been reporting depressed sales rates since all the way back in March, including the latest week when same-store year-on-year sales rose only 1.2 percent. The report blames a seasonal lull for the latest disappointment, citing lack of shopper interest ahead of the back-to-school season.
Looks like an expiring property tax break in NY State caused the burst of activity. Excluding the northeast, looks like starts in Q2 were about the same as Q1: