U.S. homebuilding increased 1.9% in September to a seasonally adjusted annual rate of 1.415 million units, according to www.cnbc.com. The rate was lower than economists’ expectations of 1.457 million units.
Applications for building permits, a good indication of future activity, rose 5.2% to 1.553 million units.
Single-family starts grew 8.5% to 1.108 million units, and multifamily starts decreased 25% to a rate of 295,000 units.
U.S. homebuilding rebounded in September as the housing market continued to perform during the economic recovery amid record-low interest rates and a migration to the suburbs and low-density areas.
