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CAI I Housing <br />MOM Change (In Thousands of Units) <br />1600 <br />1400 <br />1200 <br />1000 <br />800 <br />600 <br />400 <br />200 <br />0 <br />Housing Starts <br />OMulti Family Housing Starts <br />•Single Family Housing Starts <br />Oc�7 ✓d/ 7 '74 4j Ocf✓dd 7 dr, ✓`/ <br />S 6 6 7e 7 6 : > <br />Source: US Census Bureau <br />YOY( %) Change <br />S&P/CaseShiller 20 City Composite Home <br />Price Index <br />6.5% — <br />6.0% <br />5.5% <br />5.0% <br />4.5% <br />4.0% <br />3.5% <br />✓ S O 7/ai ✓G7 Sea 00 47 ✓�7 <br />4,j 7S ep 7S ec ,s 7e 7e 76 76 7) 7, <br />Source: S&P <br />Total housing starts fell 4.8% in July, following a 7.4% increase in June. Single-family starts fell 0.5% in July, while multi -family starts <br />plunged 15.3%. Permits were also weaker than expected in July, down 4.1%, driven by a significant decline in multi -family permits. <br />Although the July housing starts report was disappointing, the weakness was driven by declines in the multi -family component which <br />tends to be more volatile. According to the Case-Shiller 20 -City home price index, home prices were up 5.7% year -over -year in June, <br />unchanged from May. <br />17 <br />