Seeking Alpha
Analyst, REITs
Profile| Send Message|
( followers)  

Today's New Residential Construction Report showed mixed results in March, with a notable 26.9% monthly increase in multi-unit housing starts greatly influencing the 7.0% monthly increase to total housing starts. Single-family housing starts declined by a notable 4.8% since February, with total housing permits declining significantly as well.

Single-family housing permits, the most leading of indicators, declined 0.5% from February to 595,000 single-family units (SAAR), but increased 27.7% above the level seen in March 2012. They still remained an astonishing 66.91% below the peak in September 2005. Single-family housing starts declined 4.8% from February to 619,000 units (SAAR), but rose 28.7% above the level seen in March 2012. They still remained 66.04% below the peak set in early 2006.

Source: New Residential Construction Report: March 2013