Housing starts tumble in September as rising mortgages cool demand

Posted on AllSides October 19th, 2022
From The Right
Luke Sharrett/Bloomberg via Getty Images

New U.S. home construction slumped in September, adding to evidence that rapidly rising mortgage rates are continuing to cool demand and the once red-hot housing market.

Housing starts slid 8.1% last month to an annual rate of 1.439 million units, according to new Commerce Department data released on Tuesday. That is below Refinitiv economists' forecast for a pace of 1.475 million units.

Applications to build – which measures future construction – rose to an annual rate of 1.56 million units, led by multi-family properties. 

Permits for construction of single-family housing starts,...

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