It was a rough month for home construction as permits, starts, and completions all fell in September according to the latest Census Bureau report…(Census Bureau)
- M-O-M: Privately‐owned housing starts in September fell 1.6% to 1,555,000 in September.
- Y-O-Y: Housing starts were 7.4% higher when compares to the same time one year ago.
NOTE: Single‐family housing starts were virtually unchanged from the revised August figure of 1,080,000 which is also unchanged from the same time one year ago.
Building permits and housing completions saw bigger drops that starts in September…
- Building permits fell 7.7% in September to a seasonally adjusted annual rate of 1,589,000 which is virtually unchanged from the same time one year ago.
- Housing completions fell 4.6% a seasonally adjusted annual rate of 1,240,000 which is 13% lower than the same time one year ago.
Single‐family authorizations fell 0.9% month-over-month and were down 6.2% when compared to September 2020.
- Single‐family housing completions were virtually unchanged in August but were up 3.5% from September 2020
Logan Mohtashami, lead analyst at Housing Wire, said it is important to look at the trend line when you are seeing big swings…
- “Housing starts came in a tad light. Remember, this data line is wild month to month. Always go with the trend, which is just pushing the data to pre-cycle highs in 2021.” See the trend line