In a surprise to both economists and the market in general housing starts surged in April by 8.2% on the strength of a surge in condo construction (+36%). Single Family home starts were down for the 12th straight month, by 1.7%. Total starts were 1.032 Million vs. an expectation of 939,000. While one month doesn't make a trend, it lends evidence to those that believe that the U.S. housing market has hit a bottom.
April Housing Starts Surge (CBS Marketwatch)Share