Single-family housing starts increased 2.7% from August to September to a seasonally adjusted annual rate of 1.03 million units, according to the U.S. Census Bureau. Single-family starts increased 10.1% compared with September 2023.
Single-family permits increased 0.3% in September to a 970,000 unit rate.
Meanwhile, overall housing starts decreased 0.5% in September to a seasonally adjusted annual rate of 1.35 million units.
“While single-family home building increased in September, higher mortgage interest rates in October are likely to place a damper on growth in next month’s data,” National Association of Home Builders Chief Economist Robert Dietz said in a statement. “Nonetheless, NAHB is forecasting a gradual, if uneven, decline for mortgage rates in the coming quarters, with corresponding increases for single-family construction.”
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