Thanks to generous downward revisions, June's Housing Starts 'jump' of 4.8% MoM suggests everything is awesome. However, year-over-year Starts dropped 0.2%, the second annual drop in 3 months. Both single- and multi-family starts rose MoM but rental unit starts fell notably YoY (-22% versus a 13% rise for single-family). Overall permits rose 1.5% MoM (slightly better than expected) but multi-family permits rose more than single-family permits (+2.5% MoM vs +1.0% MoM) as Rental Nation USA continues to gather pace.
Both single- and multi-family Starts rose MoM…
But, the growth in housing starts is slowing…
As Permits bounce back with single-family nearing cycle highs…
Rental Nation USA continues but one has to wonder if everything is so awesome, why are builders slowing their starts year-over-year? Especially amid constant whining about supply from the realtors?
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