11/22: MetroIntelligence Economic Update by P. DUFFY

October existing home sales rebound 1.4 percent from September, but still down 5.1 percent year-on-year

Existing-home sales increased in October after six straight months of decreases, rising 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October.  Still, sales are still now down 5.1 percent year-on-year.

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October building permits slip 0.6 percent from September, down 6.0 percent year-on-year

Although October’s overall building permits fell 0.6 percent from September, multi-family permits for over 5 units per building remained flat, while single-family permits fell 0.6 percent.  Year-on-year, overall building permits fell 6.0 percent, averaged by a large, 17.2-percent decline for multi-family permits for over 5 units per building, a small dip for single-family permits of 0.6 percent and a jump of 8.6 percent for smaller, multi-family buildings of 2 to 4 units.

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October housing starts rebound 1.5 percent from September but still fell 2.9 percent year-on-year

Although October’s overall housing starts rebounded by 1.5 percent from September, that’s because multi-family starts rose 6.2 percent, while single-family starts fell 1.8 percent.  Year-on-year, overall housing starts fell 2.9 percent, with declines noted for both the multi-family (-4.5 percent) and single-family sectors (-2.6 percent).

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