U.S. housing starts fell 2.6% in August to 1,275,000 at a seasonally adjusted annual rate. The pace was 1.2% below a year earlier, U.S. Census Bureau and the Department of Housing and Urban Development reported.
Single-family starts increased 7.6% in August to 918,000 at an annual rate. They were 5.2% higher than a year earlier, while the three-month average was 891,000.
5-unit-or-larger multifamily starts dropped 22.5% to 344,000 at an annual rate. Multifamily starts were 15.5% lower than a year earlier, and the three-month average was 435,670.
Units under construction edged up 0.3% from July to 1,271,000 at the end of August. The stock was 3.2% beneath its year-earlier level.
Housing completions retreated 11.9% in August to 1,128,000 at an annual rate. The pace was 27.1% below a year earlier. Single-family completions eased 10.4% to 816,000. Multifamily (5 units or more) completions declined 15.9% to 302,000.
Turning to permits, the total slipped 2.7% in August to 1,394,000 at an annual rate. The pace was 3.5% higher than a year earlier. Single-family permits ticked down 1.8% to 878,000, while multifamily (5 units or more) permits softened 3.1% to 467,000.