Housing starts data, both single and multi family

Housing starts in July totaled 1.428mm, above the estimate of 1.297k and June was revised up by 37k to 1.358mm. The main reason for the lift was an increase in multi family starts to 489k from 445k in June and that is the most since May 2023, though jumps around month to month. Single family starts were up 26k m/o/m to 939k but after falling by 36k in the month before and well below the 1mm we saw in January and nearly 1.1mm in February.

While multi family starts saw a lift, permits for new apartment buildings fell to a 4 month low to 484k, down 43k m/o/m and vs 495k in May with the biggest declines seen in the South and West, exactly where most of the supply has come on line this year. Single family permits were little changed, up 4k after dropping by 33k in June.