Housing Starts Drop Most In 4 Months; Single-Family Starts Collapse In The Midwest

Another mixed picture from housing data following the roll-over in homebuilder sentiment last week. Housing Starts dropped 6.8% MoM in March to 1.215mm SAAR – the lowest since Nov 2016.

The biggest driver was a 16% plunge in starts in The West and Midwest (35% plunge in Midwest single-family starts).

Starts decline in both single- and multi-family-units…

Permits beat expectations (rising 3.6% MoM) led by an 18.3% sequential surge in multi-family units.