Housing: Starts Slightly Miss, Building Permits Slightly Ahead (SPY)

Mixed data on the housing market:

  • Starts fell to 975,000 in May, down from 1,008,000 in April and 1,436,000 from a year ago and slightly lower than 980,000 estimate. Single Unit homes fell to 674,000, down from 692,000 from a month prior and 1,146 from a year ago.
  • Building permits, which offer a glimpse into short-term future activity, slightly beat expectations, coming in at 969,000, ahead of the 960,000 estimate. Still no sign of a bottom, with both the single-unit number and the headline number representing 17-year lows.

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