Close | X
Tuesday, May 22, 2018 1:30:10 PM EDT

Housing Starts Updated 16-May-18 09:25AM ET
Housing starts declined 3.7% month-over-month in April to a seasonally adjusted annual rate of 1.287 million ( consensus 1.325 million) while permits fell 1.8% to a seasonally adjusted annual rate of 1.352 million ( consensus 1.350 million). There were modest upward revisions to starts and permits for March.

Permits for single-family homes rose 0.9%. By region, they declined 3.9% in the Northeast, increased 2.5% in the Midwest, increased 4.8% in the South, and declined 6.7% in the West.

Single-family starts increased just 0.1%, with month-over-month declines registered in every region except the South (+17.2%). Single-family starts declined 9.7% in the Northeast, 29.8% in the Midwest, and 10.1% in the West.

Multi-family permits declined 6.3% while multi-family starts dropped 11.3%

The number of units under construction at the end of the period was unchanged at 1.124 million and was up slightly from the first quarter average of 1.120 million

The key takeaway from the report is that single-family activity remained fairly muted. Bad weather will get some blame for the torpid activity overall, yet nothing in this report suggests prospective homeowners can expect supply-driven price relief in the near future.
1 Unit894K893K900K886K847K
Multi Units393K443K390K448K363K