【Zillow】August 2026: Building permits declined while single-family completions fell to the lowest pace since 2019

• Building permits issued fell 2.7% from July to a seasonally adjusted annual rate (SAAR) of 1.394 million in August, suggesting further slowdown in homebuilding activity.
• Housing starts declined 2.6% from July to 1.275 million SAAR in August, down 2.6% from July, driven by a sharp 22.5% drop in multifamily starts (buildings with 5+ units). 
• Single-family housing starts jumped 7.6% from July to 918 thousand SAAR in August as homebuilders worked down backlogs of unfinished homes.
• Single-family completions declined 10.4% from July to 816 thousand SAAR in August — the lowest since February 2019 — while homebuilders recalibrate supply in response to softening demand.

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