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Friday, March 29, 2024

Housing Starts, Permits Rebound In October Despite Slump In Buying Climate

Courtesy of ZeroHedge View original post here.

After last month’s surprising plunge in both Housing starts and permits, expectations are for a rebound (or slowdown in the collapse) and they did.

  • Housing Starts disappointed, rising 3.8% MoM (+5.1% exp) against an upwardly revised 7.9% drop in September.

  • Building Permits beat expectations of 0.5% decline, surging 5.0% MoM against an upwardly revised 2.4% drop in September.

Source: Bloomberg

On a YoY basis, both starts and permits surged to new multi-year high growth rates…

Source: Bloomberg

Permits jumped for both single-family (highest since Aug 2007) and rentals…

Oddly, Housing Starts continue to hold up despite a collapse in home-buying attitudes…

Source: Bloomberg

So, which is it? Delusional homebuilders in a ‘field of dreams’ world or debt-laden Americans unable to see the American Dream?

 

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