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Housing Starts Surge in September

The Commerce Department reported that Housing Starts surged 15% in September to its fastest pace in more than four years signaling that the housing sector’s recovery is gaining some momentum.  Starts grew by 872,000 units on an annualized basis, well above the 768,000 expected.  Building Permits, a sign of future construction, increased by more than 11% to 894,000 units annualized, above the 815,000 expected.  Even RE/MAX reported that home prices have increased from levels since last yearwith median prices gaining 7.8%. In addition, inventory levels have declined by 29% since last year.  The lower inventories have actually spurred on bidding wars in certain sectors around the nation.


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