NSA quarterly intent for four start categories since 1975: single family built for sale, owner built (includes contractor built for owner), starts built for rent, and condos built for sale.
Single family starts built for sale were up about 4% compared to Q3 2013.
Owner built starts were up 20% year-over-year. And condos built for sale are just above the record low.
The ‘units built for rent’ has increased significantly and is at the highest level since the mid-80s.
Housing starts numbers continue to oscillate. October weakness was in the multifamily component which swings sharply on a monthly basis. The single-family component may be gaining mild strength. Housing starts declined 2.8 percent after a 7.8 percent spike in September. The 1.009 million unit pace was up 7.8 percent on a year-ago basis. Market expectations were for 1.028 million units.
Multifamily starts swung sharply-dropping a monthly 15.4 percent in October, following a 14.9 percent surge the month before. Single-family starts gained 4.2 percent in both October and September.
Housing permits, however, showed momentum with a 4.8 percent gain in October after a 2.8 percent boost the month before. The 1.080 million unit pace was up 1.2 percent on a year-ago basis. Analysts projected 1.035 million units.
Multifamily permits jumped 10.0 percent in October, following a 6.4 percent gain in September. Single-family permits rose somewhat with a 1.4 percent increase after a 0.6 percent rise in September.