Following March's plunge in building permits (and drop in starts), analysts expected a mixed picture for April with starts lower again but permits unchanged. The reality was different with housing starts jumping 2.2% MoM (-1.4% MoM exp but March's data was revised down massively from -0.8% to -4.5%) and permits fell 1.5% MoM (vs unch exp) but also a major revision (upward from -8.8% to -3.0%)...

Given the massive revisions, this data seems utterly useless, but this leaves the total levels for starts and permits back at pre-COVID levels (despite rates being massively higher)...

The unexpected drop in permits was triggered by a second straight monthly plunge in multi-family units, down 9.7% MoM (single-family unit permits grew 3.1% MoM)

On the starts side, single-family dominated...

Single-family starts 846K SAAR, up 1.3% from 833K, and the highest since Dec 22

Multi-family starts 542K SAAR, up 5.2% from 515K and in a narrow range over the past year

But on the permits side it was much more mixed...

April Single-family permits 855K SAAR, up 3.1% from 829K, and the highest since Sept 22

April Multi-family permits 502K SAAR, down 9.7% from 556K and the lowest since May 21