1 Unit Housing Starts Down 1.82% MoM (-2.6% YoY), But 5+ Unit Starts Up 6.19% MoM In October
Yes, the housing market nationally remains in the doldrums.
1-unit detached housing starts in October declined 1.82% (and -2.6% YoY). But 5+ multifamily starts rebounded 6.19% MoM.
Rising costs and interest rates combined with the relative disappearance of subprime borrowers has led to a slowing in both single-unit and multifamily starts.
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