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VANCOUVER, BCOct. 27, 2022 /CNW/ – After a strong showing in the first half of this year, US housing starts and US new home sales for September 2022 dropped, reversing a small recovery seen in August. While it is true that a slow-down is apparent in both construction and home buying activity, it is important to note that new building activity year-to-date remains higher than the first nine months of 2021.

US Housing Market Sept & Softwood Lumber Prices Oct: 2022

Total housing starts in the US for September 2022 fell -8.1% to 1.439 million units compared to the 1.566 million units reported for August, and were down -7.7% from the September 2021 rate of 1.559 million. Data for August 2022 was revised lower, from the previously reported 1.575 million units. Yet total starts year-to-date are up +1.8% compared to January – September 2021.

Meanwhile, building permits popped up, by +1.4%, to 1.564 million units from the revised August rate of 1.542 million. This is -3.2% below the September 2021 rate of 1.615 million. Data for August was revised quite a bit higher, from the previously reported 1.517 million units. During the first nine months of this year building permits were almost flat compared to the same period in 2021.