Construction on new US homes decreased by 5.2% month-over-month in September, reaching a seasonally adjusted annual rate of 1.22 million units. This figure represents the second-lowest level of activity recorded since May 2020.
The September decline marks the third consecutive monthly drop for the industry, following contractions of 4.9% in July and 5.9% in August.
Within the sector, single-family home construction fell 4.6% over the month to an annualized pace of 859,000 units.