In another sign that the housing market is regaining health, housing starts reached their highest level in four years, according to a report out today.
According to data from the U.S. Department of Commerce, September housing starts were up 15 percent since August and 34.8 percent year-over-year, reaching a seasonally adjusted annual rate of 872,000.
Like last month, single-family homes contributed greatly to the rise, making up 69 percent of total construction. Starts for single-family homes were up 11 percent since August and 43 percent year-over-year, reaching a rate of 603,000, the highest level since August 2008.
However, as the Wall Street Journal noted, while the figures exceed expectations, they are still quite a bit lower than the historical average:
While this year’s housing starts are up from a low of 478,000 in April 2009, they are still below the historical average. Builders have started construction on about 1.5 million new homes per year since 1959.
Still, the news today is the latest in a continued slew of good news for the nation’s housing market. A report out last week claimed that foreclosures in the country are at a 5-year low and last month’s Case-Shiller revealed that home prices are rising across the country.
This article originally published at http://dc.urbanturf.com/articles/blog/housing_starts_reach_highest_level_in_four_years/6173
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