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Building permits fell 2.9% in September and are 5.7% lower than September 2023. Permits for single-family homes were 0.3% higher than August but were down 1.2% in the past year. Permits for buildings with five or more units plummeted 10.8% from August and are down a significant 17.4% in the past year.

In September, housing starts decreased 0.5% over the month and 0.7% over the year. On the other hand, starts for single-family homes were up 2.7% from August and 5.5% from September 2023. Meanwhile, starts for buildings with five or more units declined 4.5% from August and were down a dramatic 15.7% from September 2023.

Housing completions in September were down 5.7% from August but up a significant 14.6% from September 2023. Single-family home completions were down 2.7% from August to 1 million but up 1.6% over the year. Completions for buildings with five or more units dropped 8.7% over the month but were 41.9% higher than September 2023.