Housing Starts Rebounded 2.6% To 717,000 In April

Housing starts rebounded by 2.6% to 717,000 units in April, which was much stronger than the 679,000 expected by consensus. It also comes after the prior month was upwardly revised to a 699,000 units in March (was 654,000 units). Single-family starts rose by 2.3% to 492,000 units starts, while multi-family starts rebounded by 4.3% to 217,000 in April, after falling 13.3% to 208,000 the prior month. Permits fell 7.0% m/m to 715,000 units in April, though after three consecutive monthly gains. Housing completions jumped by 10% to a 651,000 pace, the fourth consecutive month-over-month gain. The report came in better than expected, to help reduce worries that the housing recovery has faltered.


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