US June housing starts and building permits

US June housing starts
  • Prior was 974K (revised to 1011K)
  • Starts +17.3% m/m vs +22.1% expected
  • Prior starts +4.3% (revised to +8.2%)
  • Building permits 1241K vs 1293K expected
  • Prior permits 1220K (revised to 1216K)
  • Permits +2.1% m/m vs +6.3% expected

This is virtually in-line with expectations but given that nearly all US data has beaten expectations for months, it's a bit disappointing. All indications are the US housing came out of the pandemic hot, and lumber prices have jumped but maybe we've hit some kind of plateau?