Housing’s Tale of Two Markets: Starts vs. Permits Divergence
Welcome to the economic equivalent of a rom-com plot twist. In April 2025, the U.S. housing market decided to defy conventional wisdom by having housing starts rise 1.6% to 1.361 million units while building permits—which are supposed to predict future starts—fell 4.7% to 1.412 million units. It’s like having your GPS tell you to turn left…