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.