US Housing Starts rose a hot 9.7% MoM in January. As Buster Poindexter sang, it’s Hot Hot Hot!
That number is misleading since many think of 1 unit detached housing. But 1 unit starts rose only 3.66%. It was multifamily (5+ unit starts) that grew at 19.72% in January. So 1 unit starts were Not, Not, Not.
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Besides, housing starts YoY grew at only 7.3% in January.
Not surprisingly, home prices are still growing at 2.7x earnings growth for the majority of the population.
Feeling Hot, Hot, Hot.
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