3 charts we are watching: What is the next delta in housing?

Maginot Line or strong bottom formation...?

The Goldman "Housing Activity" index has been remarkably steady lately. "The index held at 5 for the week, as the offsetting effects of lower supply and higher home prices have kept it in a relatively narrow range in recent weeks. This comes as purchase applications hold near a new cycle low, 43% below 2019 levels". Follow this index closely for clues of the next delta in housing.