Multifamily Permitting Falls 9% in January

The seasonally adjusted annual rate (SAAR) for multifamily permitting decreased 9% from December’s rate and was down almost 27% from last year, falling to 405,000 units, according to data from the U.S. Census Bureau. Multifamily starts were down 35.8% from last month and fell 37.9% from last January to 314,000 units.

Meanwhile, single-family permitting edged up 1.6% from December to 1.015 million units, an increase of 35.7% from last year. Single-family starts dipped 4.7% for the month but were up 22% for the year at 1.004 million units. Despite higher mortgage rates and elevated home prices in many markets, the single-family market continues to expand.

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