Wednesday , 6 January 2021

Housing Starts Jumped in October as Inventory Continues to Dwindle

Housing starts were at a seasonally adjusted annual rate of 1.53 million in October, an increase of 4.9% compared with 1.46 million in September and up 14.2% compared with 1.34 million in October 2019, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Starts of single-family homes were at a rate of 1.18 million, an increase of 6.4% compared with 1.1 million in September. Starts of multifamily homes (five units or more per building), were at a rate of 334,000, a decrease of 3.2% compared with 345,000 in September.

Building permits were at a seasonally adjusted annual rate of 1.54 million, flat compared with September but up 2.8% compared with October 2019.

Permits for single-family homes were at a rate of 1.12 million, an increase of 0.6% compared with 1.1 million in September. Permits for multifamily dwellings were at a rate of 365,000, a decrease of 5.9% compared with 388,000 in September.

Housing completions in October were at a seasonally adjusted annual rate of 1.34 million, a decrease of 4.5% compared with 1.4 million in September but an increase of 5.4% compared with 1.27 million in October 2019.

The 6.4% increase in single-family housing starts was notable.

“With home builders maintaining an incredible pace not seen in years, even well into the fall, brokers should view this as a clear sign they will continue assisting purchase clients throughout the rest of the year,” says Austin Niemiec, executive vice president of Rocket Pro TPO, in a statement. “With all products witnessing red hot demand, it is critical brokers have a strong focus on reinvesting in their business to ensure great success in the future regardless of what the market brings.”

The post Housing Starts Jumped in October as Inventory Continues to Dwindle appeared first on MortgageOrb.

Comments

About Mortgage Orb

Avatar

Check Also

Chetan Patel: Navigating the Coming Loss Mitigation Wave

PERSON OF THE WEEK: As the first rounds of forbearance periods come to an end, …