Despite Homebuilder Sentiment Slip, Permits Soar To 14 Year Highs On Renter-Nation Rebuild

With homebuyer sentiment still languishing well below pre-COVID levels and homebuilder sentiment rolling over from exuberant record highs, analysts expected a mixed bag of slowing Starts and accelerating Permits this morning, but instead both numbers screamed higher.

• Housing Starts rose 1.2% MoM (vs +0.3% MoM expected), slowing from its upwardly revised 6.3% surge in October.

• Building Permits soared 6.2% MoM (vs +1.0% expected), rebounding from its 0.1% drop in October.

Source: Bloomberg

That is the highest level of Building Permits since Dec 2006…

Source: Bloomberg

Under the hood, multi-family units dominated with single-family starts up just 0.4% as multi-family starts soared 8%…

Permits was even more insane with single-family permits up 1.3% and multi-family permits soaring 22.8%…

Is Renter Nation about to re-accelerate as the city exodus rolls down to those who don’t have the down-payments.