Housing Starts Decline
Single-family homebuilding fell sharply in October in all four regions, dropping to its lowest rate since May 2020. Single-family housing starts, which account for the biggest share of homebuilding, tumbled 6.1% to a rate of 855,000 units. Multi-family housing construction has fared better as high mortgage rates entice many potential home buyers to remain renters. |
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Our take |
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This should be expected, considering rising interest rates. Builders are hesitant about the market as the end of Q4 nears, but we’re not deterred by this news. We’re going out, doing our follow-ups, and checking in with our buyers and sellers. There’s a lot of activity in the market. |
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