New housing starts up 1.9% in October
New housing starts in October were at a seasonally adjusted annual rate of 1,372,000, up 1.9 percent from September’s revised numbers but below the October 2022 rate of 1,432,000.
“The increase in starts this month shows that builders are anticipating positive conditions over the next year when these homes become available for buyers,” said Kelly Mangold, a principal at RCLCO Real Estate Consulting.
Privately owned housing completions in October at a seasonally adjusted rate were 4.6 percent below September’s revised numbers (1,410,000 vs. 1,478,000) but were 4.6 percent above the October 2022 rate of 1,348,000.
Building permits for privately owned housing units in October were at a seasonally adjusted rate of 1,487,000, 1.1 percent above the revised September rate of 1,471,000 but 4.4 percent below the October 2022 rate of 1,555,000.
“Despite current mortgage rates above 7 percent, there are predictions that the Fed will cut rates in 2024,” s