Moody Multifamily

While housing starts fell 18.7% in November, it was due almost entirely to multifamily. Multifamily starts declined an eye-watering 45.1% after jumping 76% in October as developers probably rushed to lock in financing before the election and buyers signed purchase contracts and locked in mortgage rates ahead of the Fed’s rate hike last week. YTD, single-family starts are up a solid if unspectacular 9.6%, and all starts are up 4.8%.