September housing starts fell 1.6% to a seasonally adjusted annual rate of 1.55 million, the U.S. Census Bureau reported. Compared with September 2020, housing starts increased 7.4%.
"Lumber prices have moved off recent lows, but the cost and availability of many building materials continues to be a challenge for a market that still lacks inventory,” stated Chuck Fowke, chair of the National Association of Home Builders.
Regionally, housing starts increased year-over-year by 28% in the Northeast, 12.1% in the Midwest, 18.6% in the South and 22.6% in the West.
Building permits in September declined 7.7% to a rate of 1.58 million and were unchanged compared with September 2020.
Housing completions dropped 4.6% month-over-month and fell 13.0% compared with September 2020.
The full report can be found here.
