Housing Starts 1960-Present

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The 13% jump is a huge surge but from hurricane depressed levels. It's not all hurricane related. Starts in the West actually declined as this Census Bureau chart shows.

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Regional Variances

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The South is the largest region, constituting 48% of the total this month. So while this report is not all hurricane related, there is a noticeable hurricane impact. The next largest region is the West, accounting for 24% of the total.

These regional variants coupled with small sample sizes often provides head-scratching results such as a 42.2% surge in the Northeast even though single-family starts in the Northeast fell 22.4%.

Bond Market Signals

One of the things I watch after these reports is the bond market. The yield on 30-year and 10-year bonds is slightly lower.

The bond market suggests this strength is a bit suspect as was the case in Thursday's Industrial production report. For further discussion, please see Industrial Production Jumps: Another Hurricane Effect?

Mike "Mish" Shedlock

Housing Starts Surge to a 13-Year High Thanks to Massive Seasonal Adjustments

Seasonally-adjusted housing starts jumped 19.9% to a 13-year high. Housing permits fell 3.9%

Housing Starts Surge Unevenly: Surprised? Why?

Housing starts jumped 9.7% but the surge was primarily in the South, and primarily multi-family.

Existing Home Sales Best Since February 2007: Good as it Gets?

Existing home sales beat expectations with a climb to 5.71 million units, seasonally adjusted annualized (SAAR).

Housing Starts Jump 12.3%, Permits 7.7%, Completions, 2.4%

Likely spurred on by falling interest rates, housing stats and permits jumped in August.

Housing Starts Rise 3.2% but Single-Family Starts Dive Another 4.6%

Housing starts rebounded in December but the strength is entirely in multi-family units.

Real GDP Increases 2.9% Led by Exports; Expect Revisions

Real GDP rose at a seasonally adjusted annualized rate (SAAR) if 2.9% according to the BEA’s Advance Estimate.

New Home Sales Near Post Crisis High

New homes sales rose at a seasonally-adjusted annualized rate(SAAR) of 621,000 in March vs. an Econoday expectation of 588,000.

New Home Sales Contract 11.4%: Sales Barely Up Year-Over-Year

Housing momentum took an 11.4% dive in April to 565,000 seasonally adjusted annualized (SAAR) units.

New Home Sales Plunge to Lowest Annualized Pace in Three Years

New home sales plunged to a seasonally-adjusted annualized rate (SAAR) of 571,000.