Led by solid gains in single-family production, overall housing starts increased 4.9 percent in October to a seasonally adjusted annual rate of 1.53 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

In a sign that housing stands poised to lead a post-pandemic economic recovery, builder confidence in the market for newly-built single-family homes jumped 21 points to 58 in June.

As the industry observes National Homeownership Month in June, recent housing data indicate the important role the residential construction industry will play in leading the U.S. economic recovery from the coronavirus pandemic, according to the National Association of Home Builders.

Led by a steep 31.7 percent decline in multifamily production, nationwide housing starts fell 14.4 percent to a seasonally adjusted annual rate of 956,000 units in August, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Sales of newly built, single-family homes declined 13.4 percent to a seasonally adjusted annual rate of 394,000 units in July as higher mortgage rates prompted a temporary pause in buying activity, according to newly released data from HUD and the U.S. Census Bureau.  

Builder confidence in the market for newly built, single-family homes rose three points to 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released recently.