Single-Family Housing Starts Hold Firm in September
Washington, D.C. -- Due to a decline in multifamily housing starts, total housing starts fell 9.4% in September to a seasonally adjusted annual rate of 1.26 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. Within this overall number, single-family starts increased 0.3% to 918,000 units. The multifamily sector, which includes apartment buildings and condos, fell 28.2% to a 338,000 pace.
"Single-family builders continue to see positive conditions for housing, and this is reflected in NAHB's Housing Market Index, which measures builder sentiment," said Greg Ugalde, chairman of the National Association of Home Builders (NAHB). "However, builders are still being somewhat cautious as they continue to deal with supply-side challenges which impact housing affordability."