Permits Down 3.6%, Starts Down 0.6%, Completions Down 7.9%
[ST. PAUL, MINN.] The United States ended 2025 with a preliminary seasonally adjusted annual rate of 1.448 million housing units authorized in the United States, a 6.2 percent increase over the revised November estimate, according to the U.S. Census Bureau’s monthly housing report released this morning. For all of 2025, approximately 1,425,200 housing units were authorized by permit, a 3.6 percent decrease from 2024’s total of 1,478,000 units.
“For three consecutive years, housing permits have declined at a time when the nation continues to face a well-documented housing shortage,” said Nick Erickson, executive director of Housing Affordability Institute. “Reduced production in the face of sustained demand places additional pressure on home prices and limits opportunities for prospective buyers, particularly first-time households seeking entry into the market.”
An estimated 1,358,700 homes were started in 2025, 0.6 percent below the 2024 total of 1,367,100. For the full year 2025, an estimated 1,497,800 housing units were completed, representing a 7.9 percent decline from the 2024 total of 1,626,900.
“Local, state, and federal policymakers each control key levers that influence housing supply, from zoning and land-use frameworks to environmental review processes and building codes,” said Erickson. “Making housing reform a priority is essential to restore production levels and protect pathways to sustainable homeownership.”
Note: Due to data lags from the 2025 Federal Government Shutdown, November and December data have been released simultaneously. In keeping with the Census Bureau’s formatting, Housing Affordability Institute has presented the data as December’s data release and has included the November data in the charts below.
December 2025 ACTIVITY
Building Permits: In December, privately owned housing units approved through building permits were issued at a seasonally adjusted annual pace of 1,448,000. That figure represents a 4.3 percent increase from the revised November level of 1,388,000, but a 2.2 percent decline compared with December 2024, when the rate stood at 1,480,000.
Single-family permits were authorized at an annual rate of 881,000, down 1.7 percent from November’s revised total of 896,000. Permits for structures with five or more units reached an annualized rate of 515,000. For all of 2025, approximately 1,425,200 housing units were authorized by permit, a 3.6 percent decrease from the 2024 total of 1,478,000.
Housing Starts: Privately owned housing starts in December were recorded at a seasonally adjusted annual rate of 1,404,000. This marks a 6.2 percent increase over the revised November estimate of 1,322,000, yet a 7.3 percent drop from the December 2024 rate of 1,514,000. Single-family starts rose to an annual rate of 981,000, up 4.1 percent from November’s revised figure of 942,000. Starts in buildings containing five or more units were reported at a rate of 402,000.
An estimated 1,358,700 homes were started in 2025, 0.6 percent below the 2024 total of 1,367,100.
Housing Completions: In December, privately owned housing completions reached a seasonally adjusted annual rate of 1,525,000. This is 2.3 percent higher than the revised November pace of 1,490,000, and 0.1 percent lower than the December 2024 rate of 1,527,000. Single-family completions were recorded at an annual rate of 1,023,000, essentially unchanged from November’s revised figure of 1,024,000. Completions in properties with five or more units were reported at 483,000.
For the full year 2025, an estimated 1,497,800 housing units were completed, representing a 7.9 percent decline from the 2024 total of 1,626,900.