Housing Starts Jumped in October as Inventory Continues to Dwindle

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Housing starts were at a seasonally adjusted annual rate of 1.53 million in October, an increase of 4.9% compared with 1.46 million in September and up 14.2% compared with 1.34 million in October 2019, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Starts of single-family homes were at a rate of 1.18 million, an increase of 6.4% compared with 1.1 million in September. Starts of multifamily homes (five units or more per building), were at a rate of 334,000, a decrease of 3.2% compared with 345,000 in September.

Building permits were at a seasonally adjusted annual rate of 1.54 million, flat compared with September but up 2.8% compared with October 2019.

Permits for single-family homes were at a rate of 1.12 million, an increase of 0.6% compared with 1.1 million in September. Permits for multifamily dwellings were at a rate of 365,000, a decrease of 5.9% compared with 388,000 in September.

Housing completions in October were at a seasonally adjusted annual rate of 1.34 million, a decrease of 4.5% compared with 1.4 million in September but an increase of 5.4% compared with 1.27 million in October 2019.

The 6.4% increase in single-family housing starts was notable.

“With home builders maintaining an incredible pace not seen in years, even well into the fall, brokers should view this as a clear sign they will continue assisting purchase clients throughout the rest of the year,” says Austin Niemiec, executive vice president of Rocket Pro TPO, in a statement. “With all products witnessing red hot demand, it is critical brokers have a strong focus on reinvesting in their business to ensure great success in the future regardless of what the market brings.”

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