Privately owned housing starts grew 1.5 percent in October compared with September, increasing to a seasonally adjusted rate of 1.228 million, according to The U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The rate is 2.9 percent below the October 2017 rate of 1.265 million.
“Builders are showing caution as mounting housing affordability concerns are forcing some consumers to delay making a home purchase,” National Association of Home Builders Chairman Randy Noel said in a statement.
October building permits fell 0.6 percent compared with September to a rate of 1.263 million, a 6 percent decrease compared with the same period last year.
At a rate of 1.111 million, housing completions in October were 3.3 percent below the September rate, and 6.5 percent below October 2017.
