Housing starts and building permits fall to nine-month low
- Prior 1337K
- Starts -12.3% vs -2.2% expected
- Building permits 1273K vs 1330K expected
- Permits -2.2% vs +2.2% expected
- Prior permits 1301K
- Single family home starts -9.1%
- Single family permits +0.8%
This is a very weak report. Permits fell for the third month in a row. Homebuilders have said they remain confident but lumber tariffs have added to the cost of building a home.
What seems to be happening is that there is a healthy demand for homes but it's becoming increasingly difficult to build, which is a recipe for price increases.
