US housing starts slipped in September to a four-month low as demand cooled,
with starts down 5.2% YoY to an annualized 1.22 mln, below economists'
expectations. Single-family starts fell 4.6% to a one-year low, while
multifamily starts dropped nearly 7%. Single-family building permits, a forward
indicator of construction activity, fell to their lowest level since early 2023.
Affordability pressures and elevated mortgage rates are weighing on the market,
and builder confidence has fallen to a 14-year low, suggesting developers may
delay new projects until inventories improve.
