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Multi-Family Unit Surge Sparks Rise in Housing Starts, Permits In March

Tyler Durden's Photo
by Tyler Durden
Tuesday, Apr 19, 2022 - 12:44 PM

As mortgage rates rise, homebuilder sentiment slips, and home sales weaken, analysts expected housing permits and starts to fall MoM in March but, thanks in part to downward revisions for Feb's data, Housing Starts surprised with a +0.3% MoM rise (vs -1.6% MoM exp) and Permits up 0.4% MoM (vs -2.4% MoM exp)...

Source: Bloomberg

Housing Starts pushed to their highest SAAR since 2006...

Source: Bloomberg

The big gains in permits and starts were driven by multi-family units as single-family unit.

Multi-family Starts soared as Single-family fell back (+7.5% SAAR and -.7% SAAR respectively)...

Source: Bloomberg

Similarly, Single-family permits fell as multi-family permits rose (-4.8% SAAR and +10.9% SAAR respectively)...

Source: Bloomberg

None of which will help the bleakness of inventories for single-family homeowners, and thus affordability.

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