U.S. privately-owned housing units rose 5.2 % in September to attain a seasonally adjusted annual rate of 1,553,000, according to a press release. The September rate was higher than 1,437,000 recorded in the comparable month of 2019 and 2020 August’s rate of 1,476,000. Housing rates increase attributed to record low interest rates and migration to the suburbs and low-density areas.
- Housing starts rose 1.9% to attain a seasonally adjusted 1.415 million unit annual rate.
- Single-family homebuilding, the largest in the housing market, rose 8.5% to attain a rate of 1.108 million units, while permits for the segment rose 7.8% month-over-month basis.
- Multi-family housing fell 16.3% to 307,000 units, while permits for the segment declined 0.9% to 434,000 units month-over-month basis.
- Highest housing activity in the West, South, and Northeast but declines in the Midwest
- Prior housing starts revised lower from 1.416 million to 1.388 million.
- There are no further revisions to building permits.
SPDR S&P Homebuilders ETF is gaining on private housing development increases. XHB is up 1.23%
