More than expected but as per the chart it looks like they’ve peaked and are working their way lower. And as no house is built without a permit, and permits are also soft, I don’t see anything good happening. Also, bank lending for real estate has been decelerating and mortgage applications are going sideways:


The longer term chart shows that recent weakness might just be part of the ‘pattern’ of the longer term uptrend, albeit from very depressed levels and at a slower rate of growth (And not population adjusted):