- Prior was 1.434m (revised to 1.398m)
- Starts +3.9% vs -11.7% prior
- Building permits 1.442m vs 1.463m expected
- Permits +0.1% vs -3.7% prior
US home prices have held up better than anticipated this year but builders aren’t rushing to put up more homes. They’ve been using rate buy-downs to entice buyers but that starts to get tougher with 30-year fixed rates above 7%. I expect strong construction for multiple years beginning in 2024 and accelerating as rates come back down.