U.S. Housing Starts Hit Seven-month Low

A steep decline in the construction of multi-family homes weighed down U.S. housing starts, which fell to a seven-month low in October. However, a surge in building permits suggested the housing market remained on solid ground.

October marked the seventh straight month that starts remained above 1 million units, the longest stretch since 2007. Building permits increased 4.1 percent to a 1.15 million-unit rate.

The Commerce Department reported that groundbreaking dropped 11 percent to a seasonally adjusted annual pace of 1.06 million units last month, the lowest level since March.

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