Market Updates
October Housing Starts Dropped 4.2% but Completions Rose
Brian Turner
17 Nov, 2022
New York City
Housing market continues to slide downwards since the rise of the mortgage rate doubled in the year so far and jumped to the level last seen in 2001.
Housing starts in October declined 4.2% in October from the previous month to a seasonally adjusted annual rate of 1.425 million., the U.S. Census Bureau reported Thursday.
Compared to a year ago, housing starts fell 8.8%.
Single family housing starts fell 6.1% annual rate to 855,000 and starts for multi-family units decreased 0.5% to 556,000.
Building permits declined 2.4% to 1.56 million from 1.564 in September and dropped 10.1% from a year ago rate of 1.698 million.
Seasonally adjusted housing completions in October fell 6.4% to annual rate of 1.339 million from the revised September estimate of 1.431 million.
Completions are 6.6% from a year ago rate of 1.256 million.
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