Single-Family Housing Starts/Permits Soar To Highest Since 2007

Despite soaring, record high homebuilder sentiment, US housing starts and permits disappointedly dropped in August but analysts now expect another rebound in September.

The data was mixed with Starts up 1.9% MoM (worse than the expedcted 3.5% jump) but Permits popped 5.2% MoM (ebtter than the expected 3.0%)...

Source: Bloomberg

This is the highest level for Building Permits since Feb 2007...

Source: Bloomberg

Driven by a surge in single-family housing permits (up 24.3% YoY to their highest since March 2007)

Additionally, single-family starts jumped 22.3% YoY to 1.108mm - the highest since June 2007...

 

Finally, a reminder that while homebuilders are ebullient, homebuyers are not...

Source: Bloomberg

If we build it, will they come?