The numbers: Construction on new houses jumped 12% in August to the fastest pace in years as the multi-family market stabilized and mortgage rates dropped, despite an otherwise volatile month.
Housing starts increased to an annual rate of 1.36 million in August, up from a revised 1.22 million in July, according to the monthly report from the Commerce Department. This was the fastest pace for housing starts since 2007. Economists polled by MarketWatch had anticipated a 1.26 million rate for starts.
Permits to build additional homes, meanwhile, rose 8% to a seasonally-adjusted annual pace of 1.42 million from July’s 1.32 million. For permits, economists polled by MarketWatch expected a rate of 1.30 million.
This has been the busiest year here since 2009. Here’s hoping it will continue!