by Calculated Risk on 12/16/2016 08:38:00 AM

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,090,000. This is 18.7 percent below the revised October estimate of 1,340,000 and is 6.9 percent below the November 2015 rate of 1,171,000.

Single-family housing starts in November were at a rate of 828,000; this is 4.1 percent below the revised October figure of 863,000. The November rate for units in buildings with five units or more was 259,000.

Building Permits:
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,201,000. This is 4.7 percent below the revised October rate of 1,260,000 and is 6.6 percent below the November 2015 estimate of 1,286,000.

Single-family authorizations in November were at a rate of 778,000; this is 0.5 percent above the revised October figure of 774,000. Authorizations of units in buildings with five units or more were at a rate of 384,000 in November
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 November compared to October.  Multi-family starts are down sharply year-over-year.

Multi-family is volatile, and the swings have been huge over the last three months.

Single-family starts (blue) decreased in November, and are up 5% 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 November were well below expectations due to the sharp decrease in multi-family starts.  However September and October were revised up, combined.  I'll have more later ...