Both of the key metrics for residential construction, housing permits, and housing starts, beat analysts’ expectations in October. The U.S. Census Bureau and Department of Housing and Urban Development said permits rose 1.1 percent compared to September while housing starts increased by 1.5 percent. Permits were issued at a seasonally adjusted annual rate of 1.487 million units compared to 1.471 million units in September. The September estimate was only a slight revision from the 1.473 million originally reported. Analysts polled by Econoday had estimated that permits would come in at 1.463 million units. [housingpermitschart] The permits issued in October 2023 were 4.4 percent fewer than the 1.555 million permits authorized in October 2022. The annual rate of permitting for single-family houses was 968,000 units, 0.5 percent higher than the 963,000 units in September and an improvement of 13.9 percent year-over-year. Multifamily permits increased by 2.2 percent to 469,000 but dropped 27.9 percent compared to October 2022. On a non-adjusted basis, there were 124,000 permits issued last month, 79,700 of which were for single-family houses, an improvement on the relative numbers in September of 116,700 and 76,500. Permits for the first nine months of 2023 total 1.252 million, down 13.8 percent from the same period last year. The 773,600 permits for single-family houses are a reduction of 10.6 percent from the same period last year and the 432,300 multifamily represent a decrease of 20.1 percent.
Related Articles
Debunking the housing inventory myth in preparation for 2023
January 12, 2023
Mariel Alumit
Housing Wire
Comments Off on Debunking the housing inventory myth in preparation for 2023
This article is part of our 2022 – 2023 Housing Market Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Housing Market Update. Bringing together some of the top economists and […]
Housing market inventory keeps declining and that’s bad news for homebuyers
June 20, 2023
Mark Paul Cervantes
Housing Bubble, Top News, U.S. Housing Market
Comments Off on Housing market inventory keeps declining and that’s bad news for homebuyers
We’re revisiting housing inventory today because it’s one of the key sticking points that’s keeping home prices elevated and buyers wary. Jerome Powell said last week that housing activity is bottoming and could be improving already — […]
Housing Market Update: Sale Prices Flatten, Demand For Mortgages Falls As Rates Climb
February 24, 2023
Mark Paul Cervantes
Weely Real Estate News
Comments Off on Housing Market Update: Sale Prices Flatten, Demand For Mortgages Falls As Rates Climb
The post Housing Market Update: Sale Prices Flatten, Demand For Mortgages Falls As Rates Climb appeared first on Weekly Real Estate News.