Market Updates
U.S. Housing Starts Dropped to a 3-year Low In August
Brian Turner
19 Sep, 2023
New York City
Higher mortgage rates and elevated home prices impacted home demand and weighed on buyer's affordability.
Housing starts and building permits declined in August from the previous month but housing completions rose, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported Tuesday.
Building permits decreased 6.9% to 1.543 million annual adjusted rate in August from the revised July rate of 1.443 million, but 2.7% lower than the annual rate of 1.586 million a year ago.
Single-family home permit increased 2% from the previous month to 949,000 and multi-family permits were at a rate of 535,000.
Housing starts in August declined 11.3% from the previous month to 1.283 million and dropped 14.8% from a year ago rate of 1.505 million.
Single-family housing start declined 4.3% from the previous month to 941,000 and the August rate for multi-family housing starts was 33,4000.
Seasonally adjusted annual rate of starts in the West dropped 28.9% to 281,000, in the Midwest fell 7.5% to 160,000 but rose 1% 97,000 in the Northeast.
Home completions in August rose 5.3% from the previous month to 1.406 million units and increased 3.8% from the annual rate of 1.355 million a year ago.
Single-family home completion annual rate in August declined 6.6% from the previous month to 961,000 and multi-family rate was at 433,000.
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