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More single-family and multifamily homes are entering the pipeline. Housing starts increased 25.5 percent in October, reaching a seasonally adjusted annual rate of 1.323 million, the Commerce Department reported Thursday. It is the highest pace since August 2007.
Single-family housing starts zoomed to a nine-year high in October, reaching a rate of 869,000.
The higher-than-expected gain across all regions of the country “reaffirms our view that steady improvement in the housing market is likely to continue over the next two years,” Rob Martin of Barclays Bank PLC told The Wall Street Journal.
The multifamily market, which can be volatile, posted a whopping 74.5 percent month-over-month gain in October as apartment and condo construction ramped up, the Commerce Department reports.
