With homebuilder sentiment collapsing at its fastest rate on record in July (ex-COVID lockdowns), one could be forgiven for thinking these same homebuilders would have been slowing building starts and permit applications in June, but analysts expected improvement in June from May’s ugliness.
Both Starts and Permits dropped in June (-2.0% MoM and -0.6% MoM respectively), with starts below expectations (+2.0% exp but May revised up to -11.9% from -14.4%)) and permits above expectations (-2.7% exp)…
Source: Bloomberg
This is the third straight monthly decline in Permits (forward-looking).
Having surged up to the highest levels since 2006, Housing Starts and Permits (SAAR) have plunged as mortgage rates surged and affordability collapses. Starts and Permits SAAR are at their lowest since Oct 2021…
h/t DeploraVision