Abode Activity

July housing starts were at a seasonally adjusted annualized pace of 1,452,000, slightly below the four-year average of 1,489,000. Interestingly, house size keeps shrinking from a peak of 2,519 sq. ft. in 15Q1 to a 21Q4 post-Covid peak of 2,335 to 2,191 in 23Q2. After bottoming in 11/22 at 804,000 single-family starts are now 983,000, while multifamily starts, which peaked at 627,000 in 04/22 are now just 469,000.