October 17th, 2019 | Mortgage News
Overall Housing Starts fell 9% in September from August's 12-year high to an annual rate of 1,256,000 units versus the 1,306,000 units expected. Year-over-year total Housing Starts rose 1.6%. However, the silver lining within the data showed that single-family home construction, which makes up the bulk of the housing market, increased for the fourth straight month and the 918,000 annualized units in September was the best since January. Single-family starts were up 4.3% annually. Multi-family dwelling construction plunged 28% from August, down 5.8% year-over-year. The housing sector is being supported by historically low mortgage rates.