Housing reports show a fall back from the number of housing starts in March which set an annual pace of 1 million units to 853 thousand units in April. The decline is attributed to a correction in multifamily homes, which fell from 398 thousand in March to 243 thousand in April. Single family homes also dropped, but on a much smaller scale from 623 thousand to 610. Multifamily starts are usually more volatile, and this is reflected in several swings throughout the last few months. The average pace of multifamily starts right now is based on an average which began with a leap of 97 thousand in December and then fell 79 thousand in January.
Read the full article here: Housing Starts–What March Giveth, April Taketh Away–All Multifamily