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%)
1-unit starts are looking like the late 1960s, an ancient time in terms of housing with a growing population.
Existing home sales inventory remains relatively low with such modest additions to 1 -unit housing stock.
5+ unit (multifamily) rose 3.06% MoM for July.
Has Quantitative Tightening (QT) lower housing starts? It sure looks like it!
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”.