2024-07-17 15:10:00 ET
Summary
- On a month/month basis, housing starts increased by 3%.
- Single-family units were down 2.2% and fell below the million annualized run rate.
- Housing starts are trending lower and housing stocks have reversed a steady downtrend in the last few trading sessions.
After three straight months of weaker-than-expected reports, Wednesday’s release of Building Materials and Housing Starts bucked the recent trend coming in better than expected, joining other reports this week that have managed to exceed expectations. As shown above the table below, May’s reports were also revised higher. While the better-than-expected results were welcome, the overall levels of starts and permits remain relatively weak....
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Better Than Expected Housing Data, But Starts And Permits Remain Weak