The Census Bureau, Washington, D.C., reported that privately owned housing starts in October were 1,372,000, 1.9% below the revised September estimate.
Permits were also up 1.1% in September.
“Despite higher interest rates in October, the lack of existing home inventory supported demand for new construction in the fall,” says Alicia Huey, chairman of the National Association of Home Builders and a custom home builder and developer from Birmingham, Alabama. “Builders continue to grapple with elevated construction costs and growing concerns about regulatory costs, such as proposed higher building code requirements connected to FHA mortgages.”
