by Calculated Risk on 9/17/2015 08:40:00 AM

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,126,000. This is 3.0 percent below the revised July estimate of 1,161,000, but is 16.6 percent above the August 2014 rate of 966,000.

Single-family housing starts in August were at a rate of 739,000; this is 3.0 percent below the revised July figure of 762,000. The August rate for units in buildings with five units or more was 381,000.

Building Permits:
Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,170,000. This is 3.5 percent above the revised July rate of 1,130,000 and is 12.5 percent above the August 2014 estimate of 1,040,000.

Single-family authorizations in August were at a rate of 699,000; this is 2.8 percent above the revised July figure of 680,000. Authorizations of units in buildings with five units or more were at a rate of 440,000 in August.
emphasis added

Click on graph for larger image.

The first graph shows single and multi-family housing starts for the last several years.

Multi-family starts (red, 2+ units) decreased in August.  Multi-family starts were up year-over-year.

Single-family starts (blue)  decreased in August and are up about 15% year-over-year.

The second graph shows total and single unit starts since 1968.

 The second graph shows the huge collapse following the housing bubble, and then - after moving sideways for a couple of years - housing is now recovering (but still historically low),

Total housing starts in August were below expectations, and starts were revised down for June and July.   I'll have more later ...