US Housing Starts Rise, Indicating Stabilization

US housing starts ↑ 2.2% in April, signaling a gradual recovery in residential Real Estate.
Single-family homebuilding ↑ 1.6% to the highest level this year, driven by a surge in the West.
Applications for future construction ↓ 1.5%, but permits for one-family dwellings reach a 7-mo high.
Low supply of existing homes and financing incentives contribute to high homebuilder sentiment.