The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported.
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New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.
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Home builders have shifted their focus to multifamily housing projects as buyers grapple with affordability concerns.
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Housing starts climbed in February, but a downturn in building permits suggests that construction companies are focusing on their existing pool of permits.
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Economists expected that the pace of new-home construction and building permitting will drop to start off the year.
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“An eventual easing of supply pressures and low inventories should be supportive of building activity even as mortgage rates rise next year.”
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The global supply chain crunch is disrupting the housing market, keeping the supply of available homes low and real estate prices high.
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The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.
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U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.56 million in September, representing a 1.6% decrease from the previous month, the U.S. Census Bureau reported Tuesday.
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Getty ImagesThe numbers Sentiment among home builders improved for the second consecutive month, rebounding further from the low point reached at the end of summer. The National Association of Home
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