Another mixed picture from housing data following the roll-over in homebuilder sentiment last week. Housing Starts dropped 6.8% MoM in March to 1.215mm SAAR – the lowest since Nov 2016.
The biggest driver was a 16% plunge in starts in The West and Midwest (35% plunge in Midwest single-family starts).
Starts decline in both single- and multi-family-units…
Permits beat expectations (rising 3.6% MoM) led by an 18.3% sequential surge in multi-family units.
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