The U.S. Department of Commerce reported today that while US housing starts fell to a 7-month low, a surge in building permits suggested that the housing market remains on solid ground. In addition, October marked the seventh straight month that housing starts remained above the 1 million unit mark (the longest stretch since 2007) which still suggests a housing market recovery.
Some takeaways:
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Single-family authorizations in October were at a rate of 711k; this is 2.4 percent (±1.5%) above the revised September figure of 694k. Authorizations of units in buildings with five units or more were at a rate of 405k in October.
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Single-family housing starts in October were at a rate of 722k; this is 2.4 percent (±9.9%) below the revised September figure of 740k. The October rate for units in buildings with five units or more was 327k.
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Single-family housing completions in October were at a rate of 640k; this is 0.5 percent (±13.3%) below the revised September rate of 643k. The October rate for units in buildings with five units or more was 318k.
