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Housing Starts Increased This September

America's housing starts spike to 12-year high in August - HousingWire


This Tuesday, October 20, the U.S. Census Bureau reported that housing starts increased 1.9 percent month over month during September to a seasonally adjusted annual rate of 1.415M. These results encouraged housing starts which increased up to 11.1 percent compared to last year.

In addition, single-family housing starts grew 8.5 percent to a seasonally adjusted annual rate of 1,108,000 compared to an August revised rate of 1,021,000. Also, Housing starts for complexes with more than five units declined 14.7 percent to a seasonally adjusted annual rate of 295,000 compared to an August revised rate of 246,000.

In the Midwest, total housing starts declined 32.7 percent while in the Northeast, total housing starts rose to 66.7 percent. In the South and West, total housing starts rose 6.2 percent and 1.4 percent, respectively on a monthly basis.

Units authorized for construction this past September increased 5.2 percent month-over-month to a seasonally adjusted annual rate of 1.553M. Taking into account September's results, building permits increased 8.1 percent from a year ago.

Permits for single-unit residences grew 7.8 percent, 24.3 percent year over year. In the meantime, permits for complexes with 2-4 units declined 15.4 percent, 22.2 percent year over year, plus, permits for complexes with more than five units increased 1 percent.

In the Midwest, total permits increased 9.6 percent, as in the Northwest, South, and West areas of the country, permits increased 25.8 percent, 2 percent, and 3.2 percent, respectively on a monthly basis. 

Despite the pandemic, the housing market has stayed strong, benefiting from the low-interest rates and young homebuyers' migration from urban areas.

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