Multifamily Starts and Completions Fall Again | Embracing Performance Over Perception

In Mid-Q3, multifamily permits for 5+ unit buildings reached 467K annualized, down ~3% MoM but still above yearly levels across the US.
Multifamily starts for 5+ unit buildings fell to 344K annualized in Mid-Q3, down low-20% MoM and mid-teens yearly for a second month.
Completions for 5+ unit buildings slipped to 302K annualized in Mid-Q3, down mid-teens MoM, down mid-30% yearly, marking a fourth straight decline.
Units under construction in 5+ buildings stood at 666K annualized, little changed MoM and down ~3% yearly, showing the multifamily pipeline continues easing.
Single-family starts rose to 918K annualized in Mid-Q3, up high-single-digits MoM, while permits and completions moved lower and under-construction inventory edged higher.