Permits to build new single-family homes also hit a 3.5 year low in September.
Permits to build single-family homes in the United States hit a 3.5-year-low in September, according to an Oct. 20 report from the U.S. Department of Commerce. The market sentiment among single-family developers has also plummeted, hitting its lowest level since June 2012.
“The deterioration in sentiment was blamed on rising material costs and mortgage rates as well as more expensive diesel and ‘worsening’ labor conditions amid an immigration crackdown. Expensive mortgages have combined with still-elevated home prices to create what economists have called an affordability crisis, which is dominating campaign messaging ahead of the crucial November 3 midterm elections,” Lucia Mutikani writes for Reuters.
Single-family housing starts dropped 4.6% in September, the lowest since September 2025. Homebuilding rose in the Northeast, but fell in the South, West and Midwest.
Read the full story: US single-family housing starts plunge; building permits hit 3-1/2-year low
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