Housing starts rose 4.6% MoM in June to 1.321 million, slightly above expectations of 1.300 million, but YoY starts were down -3.1%.

• Single-family starts dropped -4.6% MoM and -10.0% YoY to 883k, the lowest since July 2024, while multi-family starts surged 30.6% MoM to 414k.
• Building permits edged up 0.2% MoM to 1.397 million but were down -4.4% YoY.
• Single-family permits fell -3.7% MoM and -8.4% YoY to 866k, and multi-family permits rose 8.1% MoM to 478k.
• Units under construction declined -0.4% MoM and -13.4% YoY with declines in both single- and multi-family units under construction
• Total housing completions fell -14.7% MoM and -24.1% YoY to 1.3`4 million, with sharp declines in both single- and multi-family completions.