FILE PHOTO: A D.R. Horton home building project is pictured in San Marcos, California July 28, 2015. D.R. Horton Inc’s quarterly profit handily beat estimates and the No.1 U.S. homebuilder said orders rose 22 percent, indicating that a recovery in the housing market was gaining steam. REUTERS/Mike Blake

November 18, 2020

WASHINGTON (Reuters) – U.S. homebuilding increased more than expected in October, suggesting the housing market continues to be sustained by historically low mortgage rates even as the economic recovery shows signs of strain amid a resurgence in new COVID-19 infections.

Housing starts rose 4.9% to a seasonally adjusted annual rate of 1.530 million units last month, the Commerce Department said on Wednesday. Data for September was revised up to a 1.459 million-unit pace from the previously reported 1.415 million.

Economists polled by Reuters had forecast starts increasing to a rate of 1.460 million units in September.

(Reporting By Lucia Mutikani)

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