US housing starts at 5-month high

US housing starts at 5-month high

US housing starts at 5-month high

US housing starts hit a five-month high in September to a seasonally adjusted annual rate of 610,000 units, the highest level since April. August starts were revised up to a 608,000-unit pace from the previously reported rate of 598,000 units.

Economists had expected housing starts to slip to a 580,000-unit rate. Compared to September last year, housing starts were up 4.1 per cent.

"This is not a strong report, but does suggest some bottoming," said David Ader, head of government bond strategy at CRT Capital Group in Stamford, Connecticut.

New building permits dropped 5.6 per cent to a 539,000-unit pace last month after an unrevised 2.1 per cent increase in August. Groundbreaking last month was lifted by a 4.4 per cent increase in single-family home construction.

Though the housing market is starting to settle down after hefty declines following the expiration of a government tax credit for home buyers, an overhang of unsold homes is stifling recovery. A survey yesterday showed sentiment among home builders edged up this month, but remained at depressed levels.

Home completions rose 7.3 per cent to a 648,000-unit pace. The inventory of total houses under construction fell 1.6 per cent to a record low 437,000 units last month, while the total number of units authorized but not yet started dropped 6.9 per cent to an all-time low of 81,100 units.

The number of new houses started in the US rose to their highest level in four months in August, Commerce Department figures have shown.

Housing starts rose 10.5% last month - the largest increase since November - to a seasonally-adjusted annual rate of 598,000 units.A rate of 550,000 had been forecast.

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