US building permits for September 1.564 million vs. 1.530 million estimate

• Prior month building permits 1.517M. Prior month housing starts revised to 1.566 million from 1.575 billion previously reported
• building permits 1.564 million vs. 1.530 million estimate. Up 1.4% but down -3.2% below the September 2021 rate of 1.615M
• housing starts 1.439 million vs. 1.475 million estimate. The decline was -8.1% from the August number and -7.7% below the September 2021 rate.
• Housing completions in September came in at a annualized rate of 1.427M. This is a 6.1% above the August number of 1.345M. The number is 15.7% above the September 2021 rate of 1.233M
• single-family completions came in at 1.049M up 3.2% vs. August 1 .016M.
• Multifamily completions came in at 376,000

Building permits are thought to be a precursor for housing starts. Whether they translate down the road is another question.

US housing starts are near their lowest levels going back to pre-pandemic and post pandemic (See chart above). Although, overall inventory levels of housing is low, higher mortgage rates and higher prices are slowing buyers demand and limiting housing start activity.

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The stocks are being pressured by higher rates which has the 10 year yield up to 4.11% up 11 basis points on the day