The National Association of Home Builders reports single-family housing starts have fallen 32% since February and multifamily permit growth is weakening as units under construction hit an almost 50-year peak.
Overall housing starts for November were down 0.5% to 1.43 million units. Year-to-date, single-family starts are down 4.1% to 828,000 units (seasonally adjusted) and multifamily starts are up 4.9%, with an annualized pace of 599,000 units.
Nationally, permits are down 11.2% for November, with single-family permits dropping 7.1% and multifamily dropping 16.4%.
In the West region, combined single- and multifamily starts are down 7.0% year-to-date, while permits are down 6.5%.
Builder sentiment has decreased in each of the last 12 months due to a combination of rising interest rates and capital costs, increasing construction costs, and ongoing labor and supply chain constraints. (Source)