Privately‐owned housing starts rose by 7% in September from August to an annual rate of 1.358 million units, though below the 1.380 million expected. Single-family starts were up 3.2% monthly to 963,000 units. Building Permits, a sign of future construction, were down 4.4% to 1.473 million. Multi-family construction jumped 17.1% monthly to 383,000.
The takeaway... given the low supply of existing homes due to high rates, new construction remains a sound alternative as demand for housing remains strong.