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Single-family home construction, which accounts for the largest share of the housing market, fell 1.8% to 865,000 units in October, after declining in September.
Single-family home construction lost momentum from its 948,000-unit pace last November, the highest pace in more than a decade.
A survey conducted on Monday showed that single-family home builders' confidence reached its lowest level in more than two years in November, with builders reporting that "customers are taking a break because of concerns about rising home ownership rates." interest and price of houses ".
Single-family housing starts in the south, which account for the bulk of housing construction, fell 4.0% last month. Construction of single-family homes jumped 14.8% in the northeast and 2.0% in the west. The revolutionary activity on single-family homes fell 1.6% in the Midwest.
Single-family home permits decreased 0.6% in October to 849,000 units. These permits remain below the level of single-family home starts, suggesting that the potential for recovery in residential construction is limited.
Starts in the volatile multi-family housing segment rose 10.3% to a rate of 363,000 units in October. Building permits for multi-family dwellings decreased 0.5% to 414,000 units.
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