September 2020 housing starts surge 11.1% year over year

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September 2020 housing starts in the U.S. got a big boost on a year-over-year basis, the Census Bureau and Department of Housing and Urban Development reported.

Privately owned housing starts increased 11.1% in September 2020 compared with September 2019.

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September 2020 housing starts up 1.9% from August

Furthermore, September 2020 housing starts gained 1.9% month over month.

Starts reached a seasonally adjusted annual rate of 1,415,000 in September.

Meanwhile, single-family housing starts in September hit at a rate of 1,108,000, or up 8.5% from August. In addition, the September rate for units in buildings with five units or more reached 295,000.

Housing completions up 11.4%

Secondly, privately owned housing completions in September reached a seasonally adjusted annual rate of 1,413,000, or up 15.3% from August.

However, completions rose 25.8% on a year-over-year basis.

Single-family housing completions in September reached a rate of 921,000, or up 2.1% from August. The September rate for units in buildings with five units or more was 480,000.

Pending home sales continue to rise

Lastly, in other housing indicators, pending home sales gained in August for yet another month, the National Association of Realtors (NAR) reported late last month.

“Tremendously low mortgage rates – below 3% – have again helped pending home sales climb in August,” said Lawrence Yun, NAR’s chief economist, in a prepared statement. “Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should in the absence of inflationary pressure keep mortgage rates low, and that will undoubtably aid homebuyers continuing to enter the marketplace.”

Pending sales rose for a fourth consecutive month in August, the NAR reported.

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