Housing Starts Disappoint, Fell 9% In September

Posted by Patrick Barnard on October 19, 2016 No Comments
Categories : Residential Mortgage

Housing starts continued to fail to meet forecasts in September, reaching a seasonally adjusted annual rate of about 1.047 million, a decrease of 9.0% compared with the revised rate of 1.15 million in August and 11.9% below a rate of 1.189 million in September 2015, according to estimates released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Starts of single-family homes were at an annual rate of about 783,000, an increase of 8.1% compared with about 724,000 in August.

Starts of multifamily homes (five or more units per building) were at an annual rate of about 250,000, a decrease of 38.9% compared with an annual rate of about 409,000 in August.

Permits were at a seasonally adjusted annual rate of 1.225 million, an increase of 6.3% compared with the revised rate of 1.152 million in August and an increase of 8.5% compared with 1.129 million in September 2015.

Permits for single-family homes were at a rate of 739,000, an increase of 0.4% compared with about 736,000 in August. Permits for multifamily homes were at a rate of about 449,000, an increase of 17.2% compared with about 383,000 in August.

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