Massive Multifamily

June single-family housing starts fell 8.1% M-o-M and 15.7% Y-o-Y, while single-family permits declined 8% M-o-M and 11.4% Y-o-Y as they return to pre-covid levels. Conversely, multifamily starts are up 10.3% M-o-M and 15.6% Y-o-Y, while multifamily permits are up 11.5% M-o-M and 26% Y-o-Y. This is proof that single-family housing is becoming unaffordable for many buyers who are pivoting towards multifamily. To wit, homebuilder (primarily single-family) confidence is plunging.