Housing Starts Fall Below Expectations
Housing starts also disappointed, coming in at 1.311 million, below the consensus estimate of 1.34 million. This figure represents a 3.1% decline from September’s revised 1.353 million and a 4.0% decrease year-over-year from October 2023’s 1.365 million.
The single-family segment posted a sharp monthly decline of 6.9%, with starts falling to 970,000, signaling reduced builder activity amid high financing costs. Multi-family starts stood at 326,000, further illustrating sluggishness in larger-unit projects.
Housing Completions Outperform Year-Over-Year
October’s housing completions reached 1.614 million, coming in strong with a 16.8% increase year-over-year from 1.382 million in October 2023. However, completions were down 4.4% from September’s…
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