Elsewhere, the housing market, despite some so-called recovery, continues to be moribund, with both housing starts (914K, below expectations of 950K), and permits (974K, Exp. 975K) missing expectations. And the miss would have been much worse if one were to exclude the multi-familiy (rental) housing units, which after plunging by the most since 2006 last month, which once again spiked from 245K to 306K even as single-family housing unites stayed essentially flat in May at 599K vs 597K the last month. More notably, the single-family housing market was only boosted thanks to a jump of building in the south, where units jumped from 295K to 331K, while unit starts dropped in the Northeast, Midwest, and the West.
Seasonally-adjusted Starts data showing that the single-family housing market remains virtually unchanged for the past 5 years.
The divergence is even more pronounced on a non-seasonally adjusted basis.