According to the NAHB, housing starts for the month of September rose to an eight year high of 1.206 million units on a seasonally adjusted annual basis.
The 6.5 percent increase was driven by the multifamily sector, which posted an 18.3 percent increase to 466,000. Single-family starts were virtually unchanged at 740,000.
“The smoothed trends tell the same story: single-family production continues to move forward at a modest pace as more current home owners feel comfortable selling their existing home and buying a new one. Younger, newly formed households continue to move out of their parents' or roommate living arrangements and rent an apartment driving up the demand for more rental units,” the NAHB reports.