US housing construction jumps to 4-year high

By Qiong (June) Zhang46 Comments

http://seattletimes.com/html/businesstechnology/2019449515_apushousingstarts.html

U.S. builders started construction on homes in September at the fastest rate since July 2008.

The Commerce Department said Wednesday that home construction rose 15% last month. Single-family construction rose 11% to the fastest rate in 4  years. Apartment building increased 25.1%.

Applications for building permits, a sign of future construction, jumped nearly 12%, also the highest since July 2008.

Record-low mortgage rates, stable price increases and a limited supply of previously occupied homes have made newly built homes more attractive to buyers.

Sales of new homes were up nearly 28%  in August compared with the same month last year.

News

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