Market Updates
Housing Starts Declined In September
Brian Turner
19 Oct, 2022
New York City
Housing starts fell 8.1% to an annualized rate of 1.439 million in September, lower than the revised 1.566 million rate in August, U.S. Census Bureau reported Wednesday.
Home sales have been on the decline after the sustained rise in home prices and a surge in mortgage rate.
Mortgage rates have risen from near 2.2% to above 7.2% in less than a year.
Single-family home starts declined 4.7% to 892,000 rate, the lowest since May 2020. Multi-family housing starts dropped 13.1% to 530,000.
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