Single Family Starts Down Slightly Year-over-year in May; Multi-Family Starts Down 50%

Today, in the Calculated Risk Real Estate Newsletter: Single Family Starts Down Slightly Year-over-year in May; Multi-Family Starts Down 50%

A brief excerpt:

Total housing starts in May were below expectations, however, starts in March and April were revised up slightly, combined.

The third graph shows the month-to-month comparison for total starts between 2023 (blue) and 2024 (red).

Total starts were down 19.3% in May compared to May 2023.  Note that starts in May 2023 were very strong, so the year-over-year comparison was difficult.

The YoY decline in total starts was mostly due to the sharp YoY decrease in multi-family starts, although single family starts were down slightly YoY following 10 months of year-over-year increases.

There is much more in the article.