U.S. homebuilding surged to more than a 12-year high in August as both single- a...
WASHINGTON - U.S. homebuilding surged to more than a 12-year high in August as both single- and multi-family housing construction increased, suggesting that lower mortgage rates were finally providing a boost to the struggling housing market.
The Federal Reserve is expected to cut interest rates again on Wednesday to keep the longest economic expansion in history, now in its 11th year, on track. A year-long trade war between the United States and China has dimmed the economy’s outlook.“A prolonged period of lower mortgage rates has perhaps finally encouraged prospective homebuyers to get off the sidelines,” said John Pataky, executive vice president at TIAA Bank in Jacksonville, Florida.
Economists and builders had blamed the lackluster performance on land and labor shortages. A survey on Tuesday showed confidence among homebuilders edged up in September, with builders reporting solid demand for homes. U.S. stock index futures were little changed and the dollar .DXY held gains against a basket of currencies after the release of the data, as investors awaited the Fed’s decision and statement on interest rates. Prices of U.S. Treasuries were trading higher.
Permits to build single-family homes vaulted 4.5% to a rate of 866,000 units last month, the highest since July 2018. Permits, however, continued to lag housing starts, suggesting limited scope for a strong rise in single-family homebuilding in the coming months.
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