US new home starts jump to fastest pace in 4 years

By Qiong (June) ZhangNo Comments

http://seattletimes.com/html/businesstechnology/2019718075_apushousingstarts.html

U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.

The Commerce Department said Tuesday that builders broke ground on homes in October at a seasonally adjusted annual rate of 894,000. That’s a 3.6% gain from September.

Single-family home construction dipped 0.2% to an annual rate of 594,000, down from a four-year high in the previous month.

Applications for building permits, a sign of future construction, fell 2.7% to 866,000, after jumping 12% in September to a four-year high. Still, permit applications to build single-family homes rose to their highest level since July 2008.

Sales of previously occupied homes rose 2.1% to 4.79 million in October, the National Association of Realtors said. Sales are near their highest level in five years, excluding temporary spikes in 2009 and 2010 when a homebuyer tax credit boosted purchases.

In addition, mortgage rates have hit all-time lows. And rents are rising, making the purchase of a single-family home or condominium more attractive.

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