Total housing starts in September were below expectations, however starts for July and August were revised up combined.
The housing starts report showed starts were down 9.4% in September compared to August, and starts were up 1.6% year-over-year compared to September 2018.
Single family starts were up 4.3% year-over-year, and multi-family starts were down 5.8% YoY. Much of the weakness this month was in the volatile multi-family sector, still – overall – this was a decent report.
This first graph shows the month to month comparison for total starts between 2018 (blue) and 2019 (red).