October Housing Starts – Pop Goes Single Family
A big jump up in single family starts combined with an anticipated rebound in multifamily to push the annual pace of total housing starts above 1.3 million in October.
In a joint release the Census Bureau and Department of Housing and Urban Development reported that the seasonally adjusted annual rate of single family housing starts was 869 thousand in October, up 10.7 percent from the September pace of 785,000. Starts in structures with five or more units rebounded from 255,000 to 445,000, a pace more consistent with recent months. Overall, total housing starts quickened from a pace of 1.054 million in September to 1.323 million in October, a 25.5 percent annualized gain.
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