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Building permits fell 2.0% in May and 1.0% over the year. Permits for single-family homes in May declined 2.7% from April and 6.4% over the year. Meanwhile, permits for buildings with five or more units increased 1.4% from April and 13.0% over the year.

In May, housing starts decreased 9.8% from April and fell 4.6% from May 2024. Starts for single-family homes were largely unchanged from April, rising just 0.4%, but they dropped 7.3% from May 2024. On the other hand, starts for buildings with five or more units plummeted 30.4% over the month but rose 5.0% over the year.

Meanwhile, housing completions increased 5.4% over the month but slipped 2.2% over the year. Single-family home completions rose 8.1% from April but were similar to the May 2024 level, up just 0.1%. Completions for buildings with five or more units ticked up 0.2% over the month but fell 6.7% from one year ago.