Housing starts miss not as weak as the headline

|By:, SA News Editor

September housing starts at a seasonally adjusted annualized rate of 1.047M fell 9% from August. They were also 11.9% below the pace of September one year ago.

The numbers may not be as weak as the headline suggests though. Single-family starts of 783K rose 8.1% from August. It was a big dip in highly volatile multifamily starts (defined as 5 units or more) which led to the overall decline.

Building permits in September of 1.225M rose 6.3% from August and 8.5% from year-ago levels.

Relevant ETFs: ITB, XHB

Previously: Housing starts fall short in September (Oct. 19)