Providing confirmation that a housing recovery is underway, sales of newly built, single-family homes set a record pace in more than two years, rising 5.7 percent to a seasonally adjusted annual rate of 389,000 units in September, according to figures from HUD and the U.S. Census Bureau.
June Home construction rose sharply to 6.9% from May, reaching its highest level since the recession began.
Strong gains in new building permits for both single and multifamily homes drove the combined permitting number to its strongest pace since September of 2008.
By Josh Krol
Nationwide production of new single-family homes rose 4.4 percent to a seasonally adjusted annual rate of 470,000 units in December, according to newly released figures from the U.S. Commerce Department.
The seasonally adjusted annual rate of housing starts was 207,600 units in October, according to Canada Mortgage and Housing Corp. (CMHC), down slightly from 208,800 units in September 2011.
Nationwide housing starts rose 15 percent to a seasonally adjusted annual rate of 658,000 units in September, marking the strongest pace of residential construction since April of 2010, according to figures released by the U.S. Commerce Dept. today.