Total housing starts in August were above expectations, and starts for June and July were revised up combined. This was the highest level of starts in 12 years.
The housing starts report showed starts were up 12.3% in August compared to July, and starts were up 6.6% year-over-year compared to August 2018.
Single family starts were up 3.4% year-over-year, and multi-family starts were up 13.7% YoY. Much of the strength this month was in the volatile multi-family sector, still – overall – this was a strong report.
This first graph shows the month to month comparison for total starts between 2018 (blue) and 2019 (red).