The (Housing) Meg: US Housing Starts Disappoint (1-Unit Starts Remain At 1968 Levels, 5+ Multifamily Up 3.06% MoM)

Well, the US housing starts release was a disappointment. The expectation was for 1,260k starts in July, but only 1,168k units of single-family detached were delivered. But 1-unit starts did increase slightly from June (+0.86%)

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1-unit starts are looking like the late 1960s, an ancient time in terms of housing with a growing population.

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Existing home sales inventory remains relatively low with such modest additions to 1 -unit housing stock.

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5+ unit (multifamily) rose 3.06% MoM for July.

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Has Quantitative Tightening (QT) lower housing starts? It sure looks like it!

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So, housing starts (particularly 1-unit detached) resemble an extinct era of housing (1968), much like the megalodon shark in the Jason Statham and Rainn Wilson film “The Meg”.

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