A brief excerpt:
Total housing starts in November were below expectations, however, starts in September and October were revised up slightly, combined.
The third graph shows the month-to-month comparison for total starts between 2023 (blue) and 2024 (red).
Total starts were down 14.6% in November compared to November 2023. The YoY decrease in November total starts was a combination of further weakness in multi-family starts and a difficult comparison to starts in November 2023.
Single family starts have been up year-over-year in 13 of the last 17 months, whereas multi-family has been up year-over-year in only 2 of last 18 months. Year-to-date (YTD), total starts are down 4.3% compared to the same period in 2023. Single family starts are up 7.2% YTD, and multi-family down 30.1% YTD.
There is much more in the article.