The rebound was modest, but at least it stemmed two months of decline. Housing starts in April rose 2.6% to 717,000 following a 2.6% decline during March, revised from 5.8% reported last month. Starts also slipped 0.3% in February. Figures back to 2010 were revised. Expectations had been for 679,000 starts.

Starts of single-family homes rose 2.3% (18.8% y/y) to 492,000. That repeated the March advance which was revised higher from the initial report. Starts of multi-family homes also recovered 3.2% (63.0% y/y) after a 12.1% March decline. The performance amongst regions was mixed. Starts in the Midwest rose 6.7% (32.3% y/y) and starts in the South increased 11.6% (38.5% y/y). To the downside, starts in the Northeast fell 20.7% (+19.0% y/y) while starts in the West were off 8.1% (+13.3% y/y). 

Building permits fell 7.0% (+23.7% y/y) to 715,000 following an 8.8% March rise that was double the initial report. Single-family permits rose 1.9% (18.5% y/y) to 475,000. Multi-family permits reversed the March gain and fell 20.8% (+35.6% y/y) to 240,000.

The housing starts figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.

Prescriptions for Housing Recovery is yesterday's speech by Fed Governor Elizabeth A. Duke and it can be found here.