The national trend in housing starts continued to decline in August from the historical peak that was recorded in March 2018. This moderation brings total starts closer to historical averages, largely reflecting recent declines in the trend of multi-unit starts from historically elevated levels earlier in the year.

The trend in housing starts was 214,598 units in August 2018, compared to 219,656 units in July 2018. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.