On Tuesday, the Census Bureau released the New Home Construction report for April. Housing Starts & Permits rebounded from March with Housing Starts up to a 1.172 million seasonally adjusted annual rate after March's revised 1.099 million seasonally adjusted annual rate. April's number represents a minor drop from last April of 1.5%.
Single Family Housing Starts are up over 5% year over year. As the Housing Boom was mostly concentrated in Single Family Housing, those starts have been slower to recover than Multi Family Housing Starts. A 5% annual gain shows the Single Family market is still continuing to recover at a healthy pace - a recovery that still has a long way to go.
Multi Family Housing Starts have come off a bit over the past few months. Multi Family Starts have fully recovered from the housing bust coming in at levels greater than anytime in the past 30 years. Multi Family Housing (more than 4 units - basically apartment complexes) missed out on the Housing Boom so there hasn't been a need to work off a large excess inventory of apartments.
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