Here are some more details from the Census Bureau's Residential Construction Report for October.

Building Permits

Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,263,000. This is 0.6 percent below the revised September rate of 1,270,000 and is 6.0 percent below the October 2017 rate of 1,343,000. Single‐family authorizations in October were at a rate of 849,000; this is 0.6 percent below the revised September figure of 854,000. Authorizations of units in buildings with five units or more were at a rate of 376,000 in October.

Housing Starts

Privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,228,000. This is 1.5 percent above the revised September estimate of 1,210,000, but is 2.9 percent below the October 2017 rate of 1,265,000. Single‐family housing starts in October were at a rate of 865,000; this is 1.8 percent below the revised September figure of 881,000. The October rate for units in buildings with five units or more was 343,000.

Housing Completions

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Privately‐owned housing completions in October were at a seasonally adjusted annual rate of 1,111,000. This is 3.3 percent below the revised September estimate of 1,149,000 and is 6.5 percent below the October 2017 rate of 1,188,000. Single‐family housing completions in October were at a rate of 832,000; this is 1.2 percent below the revised September rate of 842,000. The October rate for units in buildings with five units or more was 269,000.

Single-Family Starts vs Permits

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The above chart helps put things into proper perspective. Homes are still not affordable. That's a lingering consequence of the housing bust and the Fed re-blowing various bubbles.

Mike "Mish" Shedlock

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