Housing Starts Fall For 4th Straight Month
2022 posts 3% YOY decline, the first overall drop since 2009.
2022 posts 3% YOY decline, the first overall drop since 2009.
Backlog of homes being completed even as builder confidence continues to fall.
Home Sales & Housing Starts Fall In September
Construction of new multifamily units rose nearly 29% in August from July; single-family starts rose 3.4%.
Sinking builder confidence leads to fewer starts but more completions.
Rising interest rates and building material supply-chain disruptions act as significant headwinds on the housing market.
In April, there were 815,000 single-family homes under construction (seasonally adjusted), the highest level since 2006.
Economist: Builder sentiment remains higher than pre-pandemic, as several long-term trends continue to boost demand for new construction.