U.S. single-family housing starts fell 4.6% in September to a seasonally adjusted annual rate of 859,000, the pace builders would sustain over a full year if September's activity continued, the Commerce Department reported. They were 2.6% above a year earlier.
Single-family building permits, an indicator of future construction, declined 4% to 845,000 and were 4.8% below a year earlier. Total permits edged down 0.2% to 1,400,000, while permits for buildings with five units or more rose 5.9% to 503,000.
Total housing starts eased 5.2% to 1,221,000, 7.4% below a year earlier. Starts in buildings with five units or more dropped 7.2% to 349,000 and were 25.9% lower than a year earlier.
Units under construction held at 1,280,000 at the end of September, unchanged from August and 3.3% fewer than a year earlier. Completions climbed 2.2% to 1,192,000, 14% below a year earlier. Single-family completions softened 2.4% to 840,000, while multifamily completions surged 14.9% to 339,000.