By NAHB
Single-family starts posted a solid gain in August on robust demand and moderating mortgage rates even as builders continue to grapple with challenges related to lot and labor shortages and elevated prices for many building materials.
Overall housing starts increased 9.6% in August to a seasonally adjusted annual rate of 1.36 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The August reading of 1.36 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 15.8% to a 992,000 seasonally adjusted annual rate. On a year-to-date basis, single-family starts are up 10.4%. The multifamily sector, which includes apartment buildings and condos, decreased 4.2% to an annualized 364,000 pace.
