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Housing Starts/Permits Disappoint Amid Tumbling Demand For City-Living

Housing Starts/Permits Disappoint Amid Tumbling Demand For City-Living
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Housing Starts/Permits Disappoint Amid Tumbling Demand For City-Living

Tyler Durden

Fri, 07/17/2020 – 08:37

After May’s big rebound in both starts and permits, June was expected to show further ‘recovery’ in the US housing market (with starts surging far more than permits) as mortgage rates plunged to record lows.

And while both Housing Starts (+17.3% MoM) and Building Permits (+2.1% MoM), rose notably, they both missed expectations by a mile (+22.2% and +6.3% respectively), though revisions impacted that spread notably.

Source: Bloomberg

The “V”-shaped recovery is already stalling out…

Source: Bloomberg

One of the big drivers of this disappointment was the clear evidence of an exodus from city-living or rentals – Single-Family Home permits were up 11.8%, Multi-family permits down 14.0%…

On the Housing starts side (less forward-looking than permits), single-family units rose 17.2% and multi-family rose 18.6% as the northeast exploded 111.8% from 49K SAAR to 105K.

And Starts remain lower year-over-year…

And all this as homebuilder sentiment surges back towards record highs.


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About The Author

Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit https://www.zerohedge.com

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