New Construction Numbers Would Look Way Worse Without Multifamily
It seems that most of the stories I write on home sales and construction numbers begin with a slightly different iteration of the same core thought: the housing market has undoubtedly taken a big hit since topping out about a year ago. Once we get that "big hit" part out of the way, we can then break down some of the details.
On several recent occasions, those details have involved a slower pace of declines and perhaps even some resilience when it comes to prices and certain sales metrics. We already know that homebuilders were much more upbeat in January, so let's see what it is about January's residential construction numbers that did the trick.
Hmmm... That's not looking so hot. Housing Starts came in at 1.309m (annual pace) vs forecasts calling for 1.360m and a previous
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