April housing starts were OK. Single family starts were up 8.8% Y-o-Y, 7.4% YTD, and, somewhat surprisingly, have been flat since 10/16. Importantly, trends have emerged. Comparing 15Q1 – peak house size – to today, median and average house sizes are down 130 and 108 square feet respectively. Starts in the South have returned to 1997 levels, in the West to 1992 levels. In the Northeast and Midwest, don’t ask.