Source: Mark Moz
June Housing Starts data shows that the US Housing sector remains very much in an ongoing bull market.
Total Housing Starts in June rebounded, rising +11.2% sequentially against unrevised May estimates (June was +8.3% M/M against the +2.7% positive revision to May). Single-family Starts activity – which continues to rise and buttress the headline alongside ongoing deceleration in MF activity – was up +6.3% sequentially and accelerated to +10.3% Y/Y. At the current +849K we’ve moved back to the highs of the cycle.
The annotated long-cycle view of New Construction activity can be seen in the Chart of the Day below.
Conclusion: Demand is strong, supply remains tight and prices are accelerating.