by The Northeast led the nation in terms of year-over-year growth in both housing starts and completions
WASHINGTON — Year-over-year housing completions rose 14.9% in September, signaling a late-summer boost in momentum that has had people moving into new homes and likely needing new furniture.
However, both building permits and housing starts slowed during the same period, indicating a slower pace of completions in the months ahead depending on the new construction activity by region.
There were 1,680,000 residential units completed in September, up 14.9% from 1,466,000 in September 2023 but down 5.7% from a revised August estimate of 1,781,000, according to figures released by the U.S. Department of Commerce Friday, Oct. 18. Of these, 1 million, or nearly 60% of the units, were single-family homes, down 2.7% from the revised August estimate of 1,028,000, with the balance being properties with five units or more.
By comparison, there were 1,428,000 building permits issued for residential units, 5.7% below 1,515,000 in September 2023 and 2.9% below a revised 1,470,000 in August. Of these, 69% were single-family dwellings, up .3% from a revised 967,000 in August. The balance included buildings with five units or more.
There were 1,354,000 units started in September, .7% below the rate of 1,363,000 in September 2023 and .5% below a revised 1,361,000 in August. Of these, 76% were single-family homes, 2.7% above the revised rate of 1 million in August. The balance included buildings with five units or more.
By region, the activity was as follows:
In the Northeast, there were 126,000 residential building permits issued, down 2.3% from 129,000 issued in September 2023 and down 13.1% from 145,000 issued in August. There were 180,000 units started in September, up 109.3% from 86,000 started in September 2023 and up 57.9% from 114,000 started in August. There were 196,000 units completed in September, up 92.2% from 102,000 in September 2023 and up 55.6% from 126,000 in August.
In the Midwest, there were 200,000 permits issued in September, up .5% from 199,000 issued in September 2023 and down 2.9% from 206,000 issued in August. There were 179,000 units started in September, down 6.3% from 191,000 in September 2023 and down 9.2% from 197,000 in August. There were 191,000 units completed, up 3.2% from 185,000 last September and down 6.8% from 205,000 completed in August.
In the South, there were 765,000 permits issued in September, down 9% from 841,000 issued last September and down 6.2% from 815,000 issued in August. There were 738,000 units started in September, down 6.6% from 790,000 September 2023 and down 3.4% from 764,000 in August. There were 857,000 units completed in September, up 3.2% from 831,000 completed in September 2023 and down 21.6% from 1,093,000 in August.
In the West, there were 337,000 permits issued in September, down 2.6% from 346,000 issued last September but up 10.9% from 304,000 issued in August. There were 257,000 units started in September, down 13.2% from 296,000 last September and down 10.1% from 286.000 in August. There were 436,000 units completed, up 25.3% from 348,000 in September 2023 and up 22.1% from 257,000 in August.
