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September 23, 2020

Aggregate housing data slowed in August, but the data below the surface reveals some potential shifts in the long-term preferences of buyers.

Housing starts and building permits declined month-over-month (m/m) in August, but this was driven almost entirely by a decline in multi-family apartments (20+ unit structures).  Source: FRED.Source: FRED.Source: FRED.Source: FRED.Source: FRED.Source: FRED.Coming out of the last recession, multi-family construction has been growing at a faster rate than single family.  This was initially driven by the housing...
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