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Single-family homebuilding hits five-month high, but trend is soft

Housing boom comes to Florida

Carpenters work on new townhomes in Tampa, Florida, in May 2021.

 OCTAVIO JONES/reuters

WASHINGTON � U.S. single-family homebuilding surged to a five-month high in September, but permits for future construction rose only marginally amid excess supply of new homes on the market and prospective buyers holding out for lower mortgage rates.

Despite the second straight monthly increase in single-family housing starts, economists expected that residential investment, which includes homebuilding and sales, remained a drag on third-quarter economic growth.



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