Housing Start s and Building Permits rose more than expected in June (+3.0% MoM and +3.4% MoM respectively) and May's disappointments were revised modestly higher too (-4.6% MoM and -2.8% MoM respectively)...

Source: Bloomberg

That lifted the SAAR totals for both starts and permits just off their COVID lockdown lows..

Source: Bloomberg

The modest rebound in permits - forward-looking - appears to have been triggered by a renaissance in Fed rate-cut hopes...

Source: Bloomberg

Under the hood things are very uneven with multi-family unit permits and starts soared while single-family home permits and starts both declined...

Source: Bloomberg

Not a great picture for the housing market with four straight months of declines in single-family home construction plans (inventories high) and renter nation demand growing (inflation?).

And as 'Starts' languish near COVID lockdown lows, 'completions' are at their highest since Jan 2007...

"If we build them, they will buy?" is not working...