Single-family housing starts in October were at a rate of 877,000, up by 5.3 percent from the revised September figure of 833,000, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.
Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,290,000, which is 13.7 percent above the revised September estimate of 1,135,000, but is 2.9 percent below the October 2016 rate of 1,328,000.
Single-family authorizations in October were at a rate of 839,000, which is 1.9 percent above the revised September figure of 823,000. Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,297,000, a 5.9 percent rise from the revised September rate of 1,225,000 and a 0.9 percent uptick from the October 2016 rate of 1,285,000.
“The South region is quickly getting back on its feet with a big jump in new housing starts, after a pause in the prior month from the aftermath of the hurricanes,” said National Association of Realtors (NAR) Chief Economist Lawrence Yun. “The Midwest and the Northeast regions also made gains. Only the West region, the very region that is most in need of new supply, experienced fewer housing starts.”
Single-family housing completions in October were at a rate of 793,000, which is 2.6 percent above the revised September rate of 773,000. Privately-owned housing completions in October were at a seasonally adjusted annual rate of 1,232,000, a 12.6 percent increase from the revised September estimate of 1,094,000 and a 15.5 percent rise above the October 2016 rate of 1,067,000.
“Overall, the total activity for the country is moving in the right path. More supply will boost future home sales,” said Yun. “The West region, however, could experience slowing job growth as affordability conditions worsen from the ongoing inventory shortages that are driving up prices. This could ultimately force residents and potential job seekers to start looking to other parts of the country.”