Total US housing starts increased from October to a SAAR of 1.322 mil in November and 1.404 mil in December (+6.2% MoM).

• Despite the MoM gains, starts are still down -7.3% YoY, with single-family starts down -9.0% YoY and multi-family starts down -1.0% YoY.
• For the full year of 2025, housing starts were down -0.6%, with single-family starts down -6.9%, offset by multi-family starts up 18.0%.
• Total building permits issued in December increased 4.3% MoM to s SAAR of 1.448 million, with single-family permits down -1.7% MoM and multi-family permits bouncing back 18.1% MoM.
• Total housing completions increased 2.3% MoM and were about even from a year ago.

US housing starts dropped -4.6% MoM and -7.8% YoY to a SAAR of 1.246 million in October, the lowest since the pandemic.

• Total single-family starts increased 5.4% MoM while multi-family starts dropped -25.9% MoM. Both were down significantly from a year ago.
• Total building permits issued edged down -0.2% MoM to a SAAR of 1.412 million with a slight -0.5% MoM decline in single-family permits offset by a slight 0.4% MoM increase in multi-family permits.
• Housing units completed increased 1.1% MoM but were still down -15.3% YoY. Single-family completions were up 6.0% MoM but heavily offset by a -8.9% MoM and -41.9% YoY drop in multi-family completions.

US housing starts fell -8.5% MoM and -6.0% YoY in August to a SAAR of 1.307 mil, coming in below expectations of 1.370 mil and reflecting broad weakness across categories.

• Single-family starts declined -7.0% MoM and -11.7% YoY, underscoring persistent softness in this key segment.
• Multi-family starts dropped -11.0% MoM to the lowest so far this summer, but they were still up 15.8% YoY.
• Building permits dropped -3.7% MoM and -11.1% YoY to a SAAR of 1.312 mil, also missing expectations of 1.370 mil and pointing to weaker near-term activity.
• The decline in permits was seen across all building segments: single-family down -2.2% MoM, 2-4 units down -3.6% MoM, and multi-family units down -6.7% MoM.
• Housing completions rose 8.4% MoM to a SAAR of 1.608 mil, reversing the prior month’s decline but remaining -8.4% YoY below August 2024.
• Single-family completions increased 6.7% MoM to 1.090 mil, suggesting improved project deliveries despite slower new starts.
• Multifamily completions were at 503k in August, highlighting a still-active pipeline in larger-unit construction.

Total new housing starts jumped 5.2% MoM and 12.9% YoY to a SAAR of 1.428 mil in July, well above expectations of a SAAR of 1.300 mil.

• Housing starts were up in both the single-family (+2.8% MoM) and multi-family (+11.6% MoM) categories, with the latter at its highest in over a year.
• On a YTD basis, housing starts are up 1.6% compared to the same period a year ago, driven by gains in 2-4 unit starts (+35.0%) and 5+ unit starts (+18.1%) while single-family YTD starts are down -4.2%.
• Total building permits issued dropped -2.8% MoM and -5.7% YoY to a SAAR 1.354 mil, below expectations of a SAAR of 1.390 mil.
• Total units authorized but not started was down -2.6% MoM and -8.4% YoY, dragged down by an -11.8% YoY drop in the multi-family category.
• Total housing units under construction was at a SAAR of 1.357 mil, basically unchanged from June but down -12.4% YoY.
• Total housing completions was at a SAAR of 1.415 mil, up 6.0% MoM but down -13.5% YoY.

Housing starts rose 4.6% MoM in June to 1.321 million, slightly above expectations of 1.300 million, but YoY starts were down -3.1%.

• Single-family starts dropped -4.6% MoM and -10.0% YoY to 883k, the lowest since July 2024, while multi-family starts surged 30.6% MoM to 414k.
• Building permits edged up 0.2% MoM to 1.397 million but were down -4.4% YoY.
• Single-family permits fell -3.7% MoM and -8.4% YoY to 866k, and multi-family permits rose 8.1% MoM to 478k.
• Units under construction declined -0.4% MoM and -13.4% YoY with declines in both single- and multi-family units under construction
• Total housing completions fell -14.7% MoM and -24.1% YoY to 1.3`4 million, with sharp declines in both single- and multi-family completions.

Housing starts fell -9.8% MoM and -4.6% YoY to 1.256 million in May, below expectations of a smaller drop to 1.360 million. April starts were revised up slightly to 1.392 million from 1.361 million in the first estimate.

• Single-family starts were mostly unchanged at 0.4% MoM while multi-family starts crashed -30.4% MoM to 316k.
• Through the first five months of the year, starts are down -1.5% YoY compared to the same period last year.
• Building permits dropped -2.0% MoM -1.0% YoY to 1.393 million, below expectations of a small decline to 1.430 million and the lowest total since June 2020.
• Single-family permits issued are down -2.7% MoM and -6.4% YoY to the lowest since April 2023.
• Through the first five months of the year, permits are down -4.7% YoY compared to the same period last year.
• Housing units under construction dropped -1.4% MoM and -13.7% YoY to the lowest since June 2021. On the other hand, total completed homes increased 5.4% MoM after dropping in April.

US housing starts increased 1.6% MoM to 1.361 million in April, slightly below expectations.

• Total single-family housing starts fell -2.1% MoM and -12.0% YoY as the annualized rate fell to the lowest since July 2024.
• Multifamily starts increased 11.1% MoM and 28.8% YoY to the highest annualized rate since December 2023.
• Total building permits fell -4.7% MoM and -3.2% YoY to the lowest since May 2024.
• Housing completions fell -5.9% MoM and -12.3% YoY, and homes under construction fell -0.6% MoM and -14.3% YoY. This points to a trend of lower housing supply to start Q2.

US housing starts fell -11.4% MoM to 1.324 million in March, well below expectations of starts increasing at an annual rate of 1.420 million.

• Total single-family housing starts crashed -14.2% MoM and -9.7% YoY to the lowest since July 2024.
• Multifamily starts were unchanged on a monthly basis and up 45.8% YoY.
• In Q1 2025, total housing starts were down -1.5% YoY with single-family starts down -5.6% YoY.
• Total building permits increased 1.6% MoM but were down -0.2% YoY. In Q1 2025, permits were down -3.7% YoY.
• Housing completions fell -2.1% MoM but were up 3.9% YoY, and homes under construction fell -1.3% MoM and -15.2% YoY. This points to a trend of lower housing supply to end Q1.