Overall, single‐family housing starts in October came in at a rate of 970,000, which is 0.2% above the revised September figure of 968,000. It also surpassed last year’s level, according to Bright MLS Chief Economist Lisa Sturtevant. Meanwhile, the housing starts rate for units in buildings with five units or more, dropped slightly in October to 382,000 from 383,000 in September.
Single-family permits increased (+0.5%) to 968,000 in October, up from 963,000 in September. Multifamily permits came in at 469,000, an encouraging uptick from September’s 459,000. Completed homes fell to seasonally adjusted annual rate 1,410,000, a 4.6% drop from the prior month but 4.6% above the October 2022 level.
Advertisement
Related Stories
Market Data + Trends
What's in Store for the National Housing Market in 2024
According to the 2024 National Housing Market Outlook report released on Wednesday by Bright MLS, affordability will remain the biggest challenge
New-Home Sales
October Saw New-Home Sales Fall More Than Expected
Despite being buoyed by a persistent shortage of previously owned properties on the market, high mortgage rates and reduced affordability saw sales of new U.S. single-family homes fall during October
Economics
Inflation May Be Falling, but Housing Costs Are Staying High
Cooling inflation lessens the likelihood that the Fed will continue increasing rates. But despite the slowdown, high housing costs persist
