- Prior was 1.499m (revised to 1.515m)
- Starts -9.8% vs +15.8% prior
- Building permits 1.483m vs 1.46m expected
- Permits +0.1% vs -0.7% prior
There has been some volatility in this data set in the multi-family side but single-family authorizations in January were at a rate of 996,000, unchanged from the revised December figure of 996,000.
Some troubling signs are emerging, Toll Brothers reported earnings late yesterday and had this to say:
“While demand was solid in our first quarter, we have seen mixed results so far this spring selling season,” said CEO Douglas Yearley. “Although demand has remained healthy in many of our markets and particularly at the higher end, affordability constraints and growing inventories in certain markets are pressuring sales – especially at the lower end.”
Home builder sentiment hit a 5-month low in yesterday’s NAHB survey and home builder stocks have been struggling since December.