September housing starts tell a familiar story: single-family down 4.6%, multifamily down 7.2%.
We've seen this movie before. When money gets expensive, builders pull back. When builders pull back, supply tightens. When supply tightens later, prices stay stubborn.
The irony: we're restricting supply exactly when we need more of it. High rates were supposed to cool housing. Instead, they're freezing construction while demand waits in the wings.
This isn't just a data point. It's the setup for the next chapter.
We've seen this movie before. When money gets expensive, builders pull back. When builders pull back, supply tightens. When supply tightens later, prices stay stubborn.
The irony: we're restricting supply exactly when we need more of it. High rates were supposed to cool housing. Instead, they're freezing construction while demand waits in the wings.
This isn't just a data point. It's the setup for the next chapter.