CHARLOTTE, N.C. (AP) — The number of homes built increased by 4.9% in October as home building remained one of the bright spots of the economy.
The increase pushed home construction to a seasonally adjusted annual rate of 1.53 million homes and apartments and followed a more modest gain of 1.9% in September.
Building permits, a good barometer of future activity, remained at a seasonally adjusted rate of 1.55 million annualized units, effectively unchanged from September. The figure remains up 2.8% from a year earlier, showing how strong the housing market was over the summer despite the pandemic.
Several reports over the last two months have shown the housing market cooling off after a tremendous summer, but that is not surprising. The fall and winter are typically slow times for home buying and home construction, mostly due to the weather.