Both multifamily and single-family starts dropped in March from their February levels, according to the seasonally adjusted annual rates calculated in the U.S. Census Bureau's latest data release. Multifamily dived 20.8% and single family 12.4%.
However, on an annual basis their paths diverged. The 290,000 multifamily units started in March were 43.7% fewer year-over-year. Meanwhile, the 1,022 million single-family homes started in March – though fewer than the previous month – represented a 21.2% increase over March 2023, RealPage reported.
"March's significant decreases in annual multifamily and single-family starts brought the SAAR of total residential starts down 14.7% from last month to 1.321 million units – down 4.3% from last year," the report noted. Only the West saw an increase in March multifamily starts compared to February.
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