Residential housing starts and completions both increased in October, while building permits tailed off, according to the U.S. Department of Housing and Urban Development.
HUD reported that privately-owned housing starts were at a seasonally adjusted annual rate of 894,000 in October, which was 3.6 percent above the revised September estimate. On a year-over-year basis this was a 41.9 percent gain.
Additionally, housing completions were up 14.5 percent compared to September and 33.6 percent above October 2011.
Following the traditional seasonal downturn, building permits declined in October by 2.7 percent, which means that construction will tail off to end the year.
?Today's report bears out similar changes in other economic indicators that housing continues to recover at a slow but steady place, and is right in line with our expectations of modest month-to-month growth,? said NAHB chief economist David Crowe.
Despite improved construction levels, Crowe said that inaccurate appraisals, tight mortgage lending and policy uncertainties all could hurt the recovery in the future.
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