Privately-owned housing units authorized by building permits in May fell to a seasonally adjusted annual rate of 1,386,000, down 3.8% from April's revised rate of 1,440,000 and 9.5% from May 2023's rate of 1,532,000. Single-family authorizations dropped to 949,000, a 2.9% decrease from April's revised figure of 977,000. Permits for units in buildings with five units or more were at a rate of 382,000 in May, according to the U.S. Census Bureau and HUD.
Housing starts in May were at a seasonally adjusted annual rate of 1,277,000, representing a 5.5% decrease from the revised April estimate of 1,352,000 and a sharp 19.3% drop from the May 2023 rate of 1,583,000. Single-family housing starts decreased to 982,000, a 5.2% fall from April's revised figure of 1,036,000. Starts for units in buildings with five units or more were at a rate of 278,000.
Housing completions in May were at a seasonally adjusted annual rate of 1,514,000, which is 8.4% below the revised April estimate of 1,652,000 but 1.0% above the May 2023 rate of 1,499,000. Single-family housing completions fell to 1,027,000, marking an 8.5% decrease from the revised April rate of 1,122,000. Completions for units in buildings with five units or more were at a rate of 479,000.
