In September, US homebuilding made a significant recovery after a drop in August. This drop in August was the lowest level seen since 2020
Housing starts, which measure new home construction, increased by 7% compared to the revised August estimate
While the increase in housing starts was positive, it fell slightly short of expectations. Analysts had expected a rate of 1.38 million
The number of units started in September was 7.2% lower than the previous year, indicating a continued challenge in the housing market
Building permits dropped in September by 4.4% compared to the revised August figures. The seasonally adjusted annual rate for permits was 1.473 million
Building permits were also down by 7.2% compared to the previous year, reflecting the ongoing struggle in the housing sector
High mortgage rates continue to affect the housing market. Builders are responding by constructing smaller homes using less land and offering incentives to attract buyers
So far this year, only 1% of all US homes have changed hands, highlighting the challenges in the housing market
Single-family housing starts, the majority of new construction, increased by 3.2% in September. The seasonally adjusted annual rate was 963,000
Multifamily construction, involving buildings with five or more units, saw a 17% increase from August