October housing starts totaled 1.53mm, above the estimate of 1.46mm and September was revised up by 44k to 1.46mm. The m/o/m gain was solely driven by single family as multi family was unchanged for a 3rd month.
Permits on the other hand were slightly less than expected at 1.55mm, unchanged with September. Single family was up a touch while multi family fell a hair.
Bottom line, single family starts now sit at the highest level since April 2007 and we certainly need it with the lack of inventory especially in the key price point of those priced under $300k where there is a lot of demand but little supply. As for multi family, supply has definitely slowed from its peak as the homeownership rate has risen but I do think there will be healthy demand for renting from younger people who are starting families later in life than seen historically.
SINGLE FAMILY STARTS
MULTI FAMILY STARTS
Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.