Housing Starts Surge Unevenly: Surprised? Why?

Here are the numbers from the Census Bureau's New Residential Construction Report.

Housing starts surged 9.7%, with single-family starts up 3.7%.

Single-family starts were up in the South, the largest region, and Northeast, the smallest region, but down in the Midwest and West.

Five unit or more starts were up a whopping 19.7%.

Everyone seems surprised by the number. Is it that surprising? Let's take another look at recent New Home Sales.

Logic would dictate that a surge in starts would follow the surge in sales.

Mike "Mish" Shedlock