Construction on Single-Family Housing Shows Unexpected Gains in September
The National Association of Home Builders (NAHB) reported that, despite elevated mortgage rates averaging above 7%, single-family housing construction posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market.
Overall housing starts (privately owned housing units on which construction has been started), increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.