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.