Headline: 523,000 annualized, a 10.6% month-over-month decline
Expectations: 569,000 annualized
Analysis: Last month, housing starts surged, in percentage terms. That rise, however, was limited considering the overall low levels the market is experiencing.
That big number from last month was revised up, to 585,000. But this month’s number is a disappointment as it shows the market is failing to build any sort of month-over-month momentum..
Instead, it’s a big fall month-over-month, and yet another signal that the housing market remains weak and oversupplied.