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.