Oct. U. S. home construction slumps on fewer apartment buildings
WASHINGTON - Apartment construction plunged sharply in October, as the pace of homebuilding slipped amid a broader cooling of the real estate market.
The Commerce Department says housing starts - both houses and apartments- fell last month 11 percent to a seasonally adjusted annual rate of 1.06 million homes.
Single-family house construction declined, but last month's drop mostly stemmed from a 25.5 percent slide in the volatile multi-family category that includes apartments.
Home construction has climbed a solid 10 percent year-to-date. But the market's upward trajectory appears to have stalled as rising prices, tight inventories and economic uncertainty have sidelined many would-be buyers.
Still, building permits increased 4.1 percent in October to an annual rate of 1.15 million. That's a sign that apartment construction could soon rebound.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
LSU QB Myles Brennan suffered 'severe' injury to his left arm; unclear...
Angelo Izzard leading Southern Lab by example
Full interview with Brent Zwerneman of the Houston Chronicle on Texas &...
Sports2-a-Days Preview: Dutchtown Griffins
Southeastern unveils three new logos in latest rebranding effort