US single-family housing starts rebound sharply in September

Single-family housing starts, which account for the bulk of homebuilding, increased 3.2% to a seasonally adjusted annual rate of 963,000 units last month, the Commerce Department said on Wednesday. Data for August was revised to show starts dropping to a rate of 933,000 units instead of 941,000 units as previously reported.

A survey on Tuesday showed confidence among single-family homebuilders deteriorated for a third straight month in October, with the National Association of Home Builders/Wells Fargo HousingStarts for housing projects with five units or more soared 17.1% to a rate of 383,000 units in September. Further gains are likely to be limited by reduced access to credit access for builders as well as a huge stock of multi-family housing under construction.

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