New Home Construction, Buyer Traffic Rise in North America

According to new data from the U.S. Housing and Urban Development and Commerce Department, total housing starts increased 3.8 percent in October 2019 to a seasonally adjusted annual rate of 1.31 million units. The October reading of 1.31 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 2.0 percent to 936,000 units. The multifamily sector, which includes apartment buildings and condos, increased 8.6 percent to a 378,000 pace. "Home builders are seeing more building opportunities as market conditions remain solid," said Greg Ugalde, chairman of the National Association of Home Builders (NAHB). "Builder sentiment remains strong, and we are seeing an uptick in buyer traffic."

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