BREAKING: US housing starts fell -5.2% MoM in September, to an annualized rate of 1.22 million, the 2nd-lowest reading since May 2020. This follows MoM declines of -4.9% and -5.9% in July and August. Single-family housing starts dropped -4.6% MoM last month, to 859,000, the 2nd

BREAKING: US housing starts fell -5.2% MoM in September, to an annualized rate of 1.22 million, the 2nd-lowest reading since May 2020. This follows MoM declines of -4.9% and -5.9% in July and August. Single-family housing starts dropped -4.6% MoM last month, to 859,000, the 2nd-lowest since April 2023. At the same time, multifamily housing starts fell -7.2%, to 349,000, the 2nd-lowest since May 2025. Higher mortgage rates and worsening affordability are heavily weighing on housing demand. Furthermore, elevated housing inventories and falling homebuilder confidence are discouraging new construction. The US housing market is frozen.