Market Update: Housing starts leap 25.5 percent in October

Housing starts surged 25.5 percent in October to a seasonally adjusted rate of 1.32 million units. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Today’s report is a boost of confidence for the housing market, as we haven’t seen a month-to-month leap like this in more than 30 years. While much of this was driven by the multifamily segment, we cannot overlook the significance of the gains made on single-family home construction – increasing to their highest levels in nine years. Furthermore, continued gains in permits led by the single-family sector keep optimism high as we move toward the winter months.”

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