by Meanwhile building permits and housing starts falter during the same period, signaling a possible decline in completions later in the year
WASHINGTON — Housing completions rose again in January compared to January last year, while housing starts and building permits slowed over the same year-over-year period.
This suggests that while many were moving into those new homes in recent weeks, and even buying furniture for those new homes, there could be a decline in housing completions later this year, although some of that also will be based on activity by region.
According to figures released by the U.S. Department of Commerce this week, there were 1,651,000 residential units completed, up 9.8% from 1,504,000 in January 2024 and 7.6% above a revised December rate of 1,534,000. Single-family homes represented nearly 60% of those units completed in January, which was 7.1% above a revised December rate of 917,000. The balance included buildings with five or more units.
There were 1,483,000 building permits issued in January, 1.7% below 1,508,000 in January 2024 and .1% above the December rate of 1,482,000. Of these, 996,000, or 67.2%, were for single-family homes, unchanged from December, with the balance being for structures with five or more units.
In January, there were 1,366,000 housing starts, .7% below the 1,376,000 in January of last year and 9.8% below a revised December estimate of 1,515,000. Of these, nearly 73%, or 993,000, were for single-family homes, which was 8.4% below 1,084,000 in December. The balance included structures with five or more units.
By region the activity was as follows:
+ In the Northeast, there were 138,000 residential building permits issued, down 6.1% from 147,000 issued in January 2024 and also down 6.1% from 147,000 issued in December. There were 105,000 residential units started, down 21.1% from 133,000 started in January 2024 and down 27.6% from 145,000 started in December. There were 185,000 residential units completed in January, up 103.3% from 91,000 competed in January 2024 and up 29.4% from 143,000 completed in December.
+ In the Midwest, there were 223,000 building permits issued, up 4.7% from 213,000 issued in January 2024 and up 1.8% from 219,000 issued in December. There were 181,000 units started, up 30.2% from 139,000 in January 2024 and down 10.4% from 202,000 started in December. There were 195,000 units completed in January, down 18.4% from 239,000 in January 2024 and down 4.9% from 205,000 in December.
+ In the South, there were 806,000 building permits issued, up .8% from 800,000 issued in January 2024 and down .1% from 807,000 issued in December. There were 680,000 units started, down 9.8% from 754,000 started in January 2024 and down 23.3% from 887,000 started in December. There were 800,000 units completed, level with January 2024 and up 8% from 741,000 completed in December.
+ In the West, there were 316,000 building permits issued, down 9.2% from 348,000 issued in January 2024 and up 2.3% from 309,000 issued in December. There were 400,000 started in January, up 14.3% from 350,000 started in January 2024 and up 42.3% from 281,000 started in December. There were 471,000 units completed in the region in January, up 25.9% from 374,000 in January 2024 and up 5.8% from 445,000 completed in December.
