New home construction suddenly slows in September
Overall, housing starts decreased in September, however, single-family housing completions showed double digit growth, according to the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Privately owned housing starts dropped in September to a seasonally adjusted annual rate of 1.13 million. This is down 4.7% from August’s 1.18 million starts, but remains up 6.1% from 1.06 million last year. This monthly decrease was led by a drop in the single-family home sector, where starts dropped 4.6% from August’s 869,000 starts to 829,000 starts in September.
“September housing starts brought the second streak of three monthly declines in 2017, driven by a fall in both single-family and multifamily starts,” Trulia Chief Economist Ralph McLaughlin said. “While notoriously volatile, this trend is something we will continue to keep an eye on throughout the remainder of the year.”
After the slight dip in housing starts in August, September’s decrease in building permits suggests this overall drop may continue throughout the next few months. However, single-family permits are up.
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