Housing Sector

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STATE OF THE HOUSING SECTOR

Housing Starts:	Total Starts 1.424 million LTM ⇩ (4)% LTM YoY	S-F Starts 0.999 million LTM ⇧ 8% LTM YoY	M-F Starts 0.425 million LTM ⇩ (23)% LTM YoY

Home Sales:	Total Sales 4.731 million LTM ⇩ (11.2)% LTM YoY	New Home Sales 0.674 million LTM ⇧ 11.4% LTM YoY	Existing Home Sales 4.057 million LTM ⇩ (14.1)% LTM YoY

Housing Supply Ratio:	4.36 ⇩ (7.8)% YoY	436 new permits per 100,000 population	Var. to Historical Avg. ⇩(23)%

Home Ownership Rate:	65.7%

HOUSING & THE ECONOMY

**Quarterly Residential Investment Growth Trends**

**Multifamily Residential Investment Trends**

HOUSING SUPPLY - NEW BUILDING PERMITS

**Building Permits by State Ranked by LTM Volume**

**Building Permits by State LTM Volume**

HOUSING DEMAND - POPULATION GROWTH TRENDS

The main driver of housing demand is very simple: people. While the U.S. population growth rate has slowed significantly over the past decades, the question of where will changes in housing demand occur is driven by regional and local population growth and declines and, importantly, by changing demographics. The following charts focus on the population-growth aspects of housing demand. Migration continues from the North and Midwest and into the South and West.