Index cools to 104. The permit pipeline does not.

THE INDEX: 104

Down three. Before anyone panics: 104 still means the city is running 4% hot against its own trailing 12-week baseline. The give-back came almost entirely from deed volume normalizing after last week's Richmond St fireworks.

Permits are the story

New-construction filings hit a 10-week high. The concentration is striking:

Corridor	New-construction permits (4 wks)
Spring Garden / Callowhill	7
Point Breeze Ave	5
Frankford Ave	4

Girard Estate Construction LLC pulled three of the Point Breeze permits. Same contractor, same block face, three separate owners — that's a land assembly wearing a trench coat.

Deals

Quieter week: 11 recordings over $500K. The largest was 2401 Walnut St at $8.1M — an office-to-residential conversion candidate if the zoning permit filed the same week is any indication.

Licenses

38 new licenses. Two more food establishments on Baltimore Ave. The 4500 block now has more places to eat than parking spaces, which we consider civic progress.

One number

Active rental licenses added this quarter: 1,240. Landlords file paperwork when they smell rent growth. Draw your own conclusions.

Sources: Dept. of Records, L&I, PA Dept. of State. Argue with the data, not with us.