US housing starts drop to lowest since pandemic began
In October 2024, new US home construction fell to its lowest point since May 2020.
Housing starts dropped 4.6%—while single-family homes actually saw a small boost.
The numbers were well below what experts expected.
Builders stay cautious as market feels shaky
Builders are still playing it safe, which means fewer new homes will be available down the line.
Even though mortgage rates dipped to their lowest in over a year (6.25%), and home prices aren't rising as fast, developers remain wary with all the economic uncertainty.
More building permits hint at future demand
On the bright side, building permits went up to 1.41 million—beating forecasts and showing there's still real interest in starting new projects, despite today's challenges.
Trump pitches ideas for cheaper homes
Reacting to the slowdown, President Trump suggested banning big investors from snapping up single-family houses and wants Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds—moves aimed at making it easier (and hopefully cheaper) for regular people to buy a home.