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Housing Starts Surged in October

Posted by Ben Jones on Tuesday, November 19th, 2019 at 4:53pm.

Housing starts in October rose by 3.8 percent to a seasonally adjusted annual rate of 1,314,000, according to the latest data from the U.S. Census Bureau and Department of Housing and Urban Development.

After several months of gains, starts are up 8.5 percent year-over-year. Building permits for private homes rose by 5 percent to a seasonally adjusted rate of 1,461,000. Completions, meanwhile, rose 10.3 percent to a seasonally adjusted rate of 1,256,000.

“October’s housing starts were a robust rebound from last month and a sign that builders are optimistic about the direction of the housing market,” Zillow economist Matthew Speakman said in a statement. “Low mortgage rates have buoyed demand for homes, helping drive strong builder confidence despite a shortage of buildable lots and available labor.”

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