Housing starts increased 4.9% in October to a seasonally adjusted annual rate of 1.53 million units, according to www.cnbc.com. The rate was higher than economists’ expectations of 1.46 million units.
Applications for building permits, a good indication of future activity, were virtually unchanged at 1.545 million units.
Single-family starts grew 6.4% to 1.179 million units, and multifamily starts remained unchanged at 334,000 units.
The unexpected increase in housing starts in October reportedly suggests the housing market continues to be buoyed by low mortgage rates even amid a resurgence in new COVID-19 infections.
