Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,009,000, 2.8% below the revised September estimate of 1,038,000 but 7.8% above the Oct. 2013 rate of 936,000. Single-family housing starts in October were at a rate of 696,000, 4.2% above the revised September figure of 668,000.
“The increase in single-family starts shows that the housing market continues to recover at a steady, gradual pace,” David Crowe, chief economist, National Association of Home Builders said in a press release. “On the multi-family side, production is stabilizing above historic levels as demand for rental housing increases.”
