Housing Starts Decreased to 1.311 million Annual Rate in October

Today, in the Calculated Risk Real Estate Newsletter: Housing Starts Decreased to 1.311 million Annual Rate in October

A brief excerpt:

Total housing starts in October were below expectations, however, starts in August and September were revised up, combined.

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

Total starts were down 4.0% in October compared to October 2023.  The YoY decrease in October total starts was mostly due weakness in multi-family starts.

Single family starts have been up year-over-year in 13 of the last 16 months, whereas multi-family has been up year-over-year in only 2 of last 17 months. Year-to-date (YTD), total starts are down 3.2% compared to the same period in 2023. Single family starts are up 9.3% YTD, and multi-family down 29.3% YTD.

There is much more in the article.