October saw a rise in new home construction for the second consecutive month
October reports a consecutive uptick in new home construction, signaling positive growth in the housing market
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Last month, the rate of new home construction increased once more, as the country faces a shortage of housing inventory and mortgage rates that are at a historic high.
In October, the amount of new home construction, measured by housing starts, rose 1.9% when compared to the month prior.
In the month of last month, the seasonally adjusted annual rate of housing starts rose to 1.372 million, surpassing the projected figure of 1.35 million, as stated in the report issued by the Census Bureau on Wednesday.
A decline of 4.2% was seen in the amount of units initiated compared to the previous year.
In October, building permits witnessed an increase of 1.1% from the revised figure of August to a seasonally adjusted annual rate of 1.487 million.
The number of permits issued was down by 4.4% compared to the same period a year before.
Kelly Mangold of RCLCO Real Estate Consulting commented that the rise in home-building starts in the current month points to an expectation of favourable conditions for property purchasers in the upcoming year when the houses are ready for sale.
She stated that the housing market has been limited due to the considerable fluctuation in mortgage rates over the past 24 months, going from below 3% to higher than 7%.
Mangold pointed out that the current ultra-low mortgage rates have led to a reduction in housing mobility, as well as a surge in housing prices, creating both a shortage of housing and a lack of mobility.
According to her, a decrease in rates would help individuals buying new homes, leading to more economical mortgage payments. The new construction housing market appears ready to meet the needs of those households who have been holding out for a decrease in rates before they make their purchase.
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