WASHINGTON (Reuters) – U.S. homebuilding increased more than expected in October, suggesting the housing market continues to be sustained by historically low mortgage rates even as the economic recovery shows signs of strain amid a resurgence in new COVID-19 infections.
Housing starts rose 4.9% to a seasonally adjusted annual rate of 1.530 million units last month, the Commerce Department said on Wednesday. Data for September was revised up to a 1.459 million-unit pace from the previously reported 1.415 million.
Economists polled by Reuters had forecast starts increasing to a rate of 1.460 million units in September.
(Reporting By Lucia Mutikani)
