March housing starts were up 1.9% M-o-M, and 10.9% Y-o-Y, but single-family starts fell 3.7% M-o-M and rose just 5.2% Y-o-Y. The recent rise in starts is all due to multifamily activity! Since 10/16, single-family starts have risen marginally. However, multifamily starts steadily declined from 10/16 through 8/17, but have risen steadily since and are now enjoying some of their best months ever; due largely to weak single-family growth.