US Housing Starts, Building Permits Plunge In September

US Housing Starts, Building Permits Plunge In September

Following August’s surprisingly large jump, building permits and housing starts were expected to slow down significantly in September, and slow-down they did.

After the 5.6% MoM surge (revised down from +6.0% MoM) in August, Building Permits plunged 7.7% MoM in September (dramatically worse than the 2.4% MoM drop expected).

Housing Starts were dramatically revised lower in August (from +3.9% MoM to +1.2% MoM) and September saw starts tumble 1.6% MoM (considerably worse than the 0.0% expected).

Source: Bloomberg

Permits are at their lowest level since September 2020 and Starts are at 6-month lows…

Source: Bloomberg

Multi-family permits plunged 21% SAAR from 630K to 498K while single-family permits slide to 1.041MM, the lowest since July 2020.

Single-family home starts were unchanged at 1.080MM while multi-family starts dropped 5.1% SAAR from 492K to 467K

All of which is odd given that NAHB sentiment just rebounded strongly…

Maybe homebuyers know better after all.

Tyler Durden
Tue, 10/19/2021 – 08:38

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