Single-family housing starts decreased 6.9% from September to October to a seasonally adjusted annual rate of 970,000 units, according to the U.S. Census Bureau.
Housing starts edged lower in October as average monthly mortgage rates increased a quarter-point from 6.18% to 6.43% between September and October, according to Freddie Mac.
On a year-to-date basis, single-family construction was up 9.3%.
Overall housing starts decreased 3.1% in October to a seasonally adjusted annual rate of 1.31 million units.
“Although housing starts declined in October, builder sentiment improved for a third straight month in November as builders anticipate an improved regulatory environment in 2025 that will allow the industry to increase housing supply,” National Association of Home Builders Chairman Carl Harris said in a statement.
Read the full report here.
