Housing Starts: Multifamily Sees 25% Decline in October
US nationwide housing starts dropped 11% this October, with multifamily leading the way with a whopping 25.1% decline, dropping to a seasonally adjusted annual rate of 338,000 units.
The month's decline can be traced back to the volatile multifamily sector adjusting from an unusually high September. It's expected to grow back at a modest pace and posted permit gains of 6.8%, the Commerce Department said.
Housing starts have stayed at about the 1 million mark for seven consecutive months—the longest streak in about seven years.
"The fact that permits are rising is consistent with our builders' continued optimism in the housing market," NAHB Chairman Tom Woods says. [WPJ]