Market Updates
Disruptions from Hurricanes and Rising Inventories Dampen U.S. Housing Starts
Brian Turner
19 Nov, 2024
Washington, D.C.
U.S. housing starts fell more than expected in October as higher mortgage rates and hurricanes dampened activities.
Building permits adjusted for seasonal factors declined 7.7% from a year ago to 1.416 million, the U.S. Census Bureau reported Tuesday.
Single-family home authorizations declined 1.8% to 968,000, and permits for multi-family homes with five or more units decreased 20.9% from a year ago, respectively.
Housing starts dropped 4% from a year ago to 1.311 million units, driven by a 0.5% fall in single-family homes to 970,000 and 5-units or more multi-family by 12.6% to 326,000.
Single-family housing start annual rate in the Northeast increased 39.2% to 110,000 units, in the Midwest declined 7.1% to 197,000, in the South fell 7.8% to 666,000, and decreased 4.0% to 338,000.
Seasonally adjusted new home completion annual rate increased 16.8% from a year ago 1.614 million units, driven by single-family home completion rate decline of 0.2% to 986,000 and multi-family home completion rate increase of 61.4% to 615,000.
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