Today's New Residential Construction Report showed mixed results in May, with an 6.8% increase to total housing starts and a 3.1% decline to total housing permits. Single-family housing permits improved on the month. Single-family housing permits, the most leading of indicators, increased 1.3% from April to 622K single family units (SAAR), and increased 24.6% above the level seen in May 2012. But they still remained well below levels seen at the peak in September 2005. Single-family housing starts increased 0.3% from April to 599K units (SAAR), and rose 16.3% above the level seen in May 2012, but remained well below the peak set in early 2006.