US housing starts increased 1.6% MoM to 1.361 million in April, slightly below expectations.

• Total single-family housing starts fell -2.1% MoM and -12.0% YoY as the annualized rate fell to the lowest since July 2024.
• Multifamily starts increased 11.1% MoM and 28.8% YoY to the highest annualized rate since December 2023.
• Total building permits fell -4.7% MoM and -3.2% YoY to the lowest since May 2024.
• Housing completions fell -5.9% MoM and -12.3% YoY, and homes under construction fell -0.6% MoM and -14.3% YoY. This points to a trend of lower housing supply to start Q2.