Housing starts slide in September

REUTERS/Mike Blake

The pace of US homebuilding has slowed in September for the fifth time in the past six months.

Housing starts fell at a 4.7% month-over-month clip to a seasonally adjusted annual rate of 1.127 million, missing the Bloomberg consensus of 1.175 million.

It was still slightly above the rate of 1.062 million in housing starts in September 2016, according to US Census data.

Residential building permits fell 4.5% to an annual pace of 1.215 million, missing expectations of 1.245 million permits.

The US housing industry has faced unprecedented labor shortages in construction and high demand, signaling that homebuilders have not been able to keep pace with people looking to buy homes.