National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Single-Family Housing Starts and Multifamily Permits Decline in November
Single-family housing starts continued to fall in November, with the pace of construction down 32% since February when mortgage rates began to rise, the National Association of Home Builders (NAHB) said Tuesday. And with the count of multifamily units under construction reaching a near 50-year high, multifamily permit growth is weakening.
Overall housing starts decreased 0.5% to a seasonally adjusted annual rate of 1.43 million units in November, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Multifamily permits decreased 16.4% to an annualized 561,000 pace, the lowest reading for apartment permits since September 2021. Simultaneously, the number of apartments under construction—932,000 as of November—is the highest since December 1973.
“It’s no surprise that single-family starts are running at their lowest level since May 2020, given that builder sentiment has dropped for 12 consecutive months,” said NAHB chairman Jerry Konter.
- ◦Development
