Housing Starts Fell Again in September as Mortgage Costs Bit
2022.10.19 09:12
© Reuters.
By Geoffrey Smith
Investing.com — The U.S. housing market weakened again in September as the effect of the Federal Reserve’s interest rate hikes bit increasingly hard.
The number of fell by 8.1% on the month to , reversing a surprise increase in August. They’re now down 7.7% on the year.
Single-family starts fell 4.7% on the month, continuing their steady decline, while multi-family starts largerly reversed their spike in August, falling 13%.
By contrast, the number of issued ticked up surprisingly by 1.4% to .
Both data sets have been trending down all year as demand has normalized in the wake of the pandemic boom, fueled by rock-bottom interest rates and a desperate search for more space to accommodate remote working
