U.S. housing starts surged in October, but new units are still being added at the slowest rate in half a century.
By Patrick Clark | Bloomberg
New residential construction rose to a nine-year high in October, according to census data published today. Builders started new homes at an annualized rate of 1.32 million, the most since August 2007 and the largest month-over-month increase since July 1982. That’s good news for a housing market struggling with low inventory in recent years, driving up prices and forcing prospective buyers to delay purchases, even as the vaunted millennials age into their prime homebuying years.
The less-good new is that there’s still a long way to go.
