Nov
18
Washington, November 18 – October housing starts unexpectedly plunged by 10.6% to an annualized rate of 529,000 units, well below the 600,000 unit pace economists were expecting. October’s decline followed a 1.9% rise in September to an upwardly revised 592,000 annual units (was 590k).
The October decline was due largely to a 33.3% drop in multi-family homes (5 or more units) to a new record low 48,000 annual units. Single family housing starts, seen as a more reliable indicator of the housing sector, fell 6.8% in October to 476,000 units. Single family starts fell in all regions of the country: by 9.6% in the Northeast, by 4.8% in the Midwest, 7.3% in the South and 5.9% in the West. Read the rest…
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