Housing bears and housing bulls each had something to boost their spirits in Thursday’s report on new-home construction. Housing starts fell by 16.5% in April to their lowest level since last November, but as is often the case, the headline number masked a few important nuances. Here are five takeaways:
1. The April drop was due primarily to the often-volatile multifamily sector. Starts of single-family homes fell by 2.1% from March’s level, and stood 20.8% above the year-earlier level. Multifamily construction, which had posted a 26.9% gain in March from February, posted an even larger 37.8% drop in April from March. The drop-off in multifamily construction should, for the moment at least, ease fears of an apartment-construction bubble.
Read more...Five Takeaways From the Latest Housing Starts Report - Developments - WSJ
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