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.