Housing starts in April fell 2.8% from March to an annual rate of 1,465,000 but exceeded expectations, rising 4.6% year over year. Single-family starts dropped 9% monthly and 2.4% yearly to 930,000, while multifamily starts surged 14.3% monthly and 23.3% yearly to 529,000. Housing permits rose 5.8% monthly to 1,442,000 but single-family permits declined. Construction remains active but cautious amid affordability pressures.