Housing Starts: Single Family Down Year-15% over-year in July; Multi-Family Down 18% YoY

Today, in the Calculated Risk Real Estate Newsletter: Housing Starts: Single Family Down Year-15% over-year in July; Multi-Family Down 18% YoY

A brief excerpt:

Total housing starts in July were below expectations and starts in May and June were revised down.  A very weak report.

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

Total starts were down 16.0% in July compared to July 2023.

The YoY decline in total starts was due to a sharp YoY decrease in both multi-family and single-family starts. Single family starts had been up YoY for 12 consecutive months, although with the revisions, single-family starts in May were down slightly year-over-year.

There is much more in the article.