U.S. housing weakened in September as single-family housing starts fell by 4.7%

In September, single-family housing starts declined further as high mortgage rates, ongoing building material production disturbances and flagging demand from rising affordability challenges continue to put a drag on new home production.
Overall housing starts fell by 8.1% to a seasonally adjusted annual rate of 1.44 million units in the same period.
The single-family starts fell by 4.7% to an 892,000 seasonally adjusted annual rate, year-to-date, single-family starts are down 5.6%, and the multifamily sector, which contains apartment buildings and condos, fell by 13.25% to an annualized 547,000 pace.
Higher interest rates are damaging the ability of buyers to purchase a new home at the entry-level end of the market and the constant decline for single-family construction shows weakness for single-family builder sentiment, which has declined for 10 straight months and stands at half the level of a year ago.
On a regional and year-to-date basis, combined single-family and multifamily starts grew by 3.9% and 3.6% in the Northeast and South respectively but fell by 1.2% and 3.4% in the Midwest and the West respectively.

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