Housing starts rose 10 percent in January to a seasonally adjusted annual rate (SAAR) of 1.33 million, the second highest level since the recession, and surpassing economists' predictions.
Construction was up overall in the U.S. as building permits also hit a new high, 7.4 percent to a SAAR of 1.4 million. Single-family homes accounted for two-thirds of the new units being built, according to MarketWatch. Demand for new homes, especially single-family homes, has not abated. That builders are building more single-family homes may signal their confidence in the market.
Housing starts bounced back in January after a sharp decline in December tied to poor weather. Building increased in the North, South and West. And two-thirds of the new units on which construction began were single-family homes, the bread-and-butter of the housing market. Housing starts are 7 percent higher compared to one year ago, reflecting a vibrant real estate scene that shows no sign of slacking off...
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