A brief excerpt:
Total housing starts in September were slightly above expectations and starts in July and August were revised up. A solid report.
The third graph shows the month-to-month comparison for total starts between 2023 (blue) and 2024 (red).
Total starts were down 0.7% in September compared to September 2023. The YoY decrease in September total starts was due weakness in multi-family starts.
Single family starts have been up year-over-year in 13 of the last 15 months, whereas multi-family has been up year-over-year in only 1 of last 15 months. Year-to-date (YTD), total starts are down 3.4% compared to the same period in 2023. Single family starts are up 10.1% YTD, and multi-family down 30.6% YTD.
There is much more in the article.