Via incentives, mortgage write downs, and limited availability of existing homes to buy, the builders are holding up much better than real estate agents.
Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,487,000.
This is 1.1 percent above the revised September rate of 1,471,000, but is 4.4 percent below the October 2022 rate of 1,555,000.
Single-family authorizations in October were at a rate of 968,000; this is 0.5 percent above the revised September figure of 963,000.
Authorizations of units in buildings with five units or more were at a rate of 469,000 in October.
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,372,000.