- Prior month for housing starts 1.447M revised from 1.452M
- Housing starts 1.283M versus 1.440M estimate. That's the lowest level since June 2020 during the pandemic
- Building permits 1.543M vs 1.443M estimate. Prior month building permits 1.442M. The high level for the year came in at 1.55M in February
Housing starts are much weaker than expected but building permits indicate strength. Mixed report.
Yesterday, the NAHB housing market index came in much weaker than expected at 45 versus 50 expected. A level below the 50 level indicates a negative outlook for housing. Inventories of houses on the market remain low which encourages building, but higher interest rates are making housing affordability more expensive. In the new housing market, builders are discounting/adding incentives to attract buyers.