A typical analysis from policy makers, like the Federal Reserve, points out that activity in the housing market has declined so far this year; but that assertion focuses primarily on housing starts. A more complete picture from the national data shows that the housing market bounced back strongly in the 2019 first quarter from a steep 2018 fourth quarter slide. The housing market was also able to hold on to those gains in the 2019 second quarter.
The chart below shows the trend in seasonally-adjusted annualized U.S. single-family starts and permits. Except for the January