U.S. Housing Starts Rise in Line with Expectations in October By Investing.com

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U.S. Housing Starts Rise in Line with Expectations in October

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Investing.com - The number of housing starts in the U.S. rose broadly in line with expectations in October, while building permits declined, painting a worrying picture of the U.S. real estate sector.

Housing starts rose 1.5% to a seasonally adjusted 1.228 million units last month, the U.S. Commerce Department said.

Analysts had expected a gain of 1.6% to 1.225 million from an upwardly revised 1.210 million units in September.

The number of building permits issued declined 0.6% to a seasonally adjusted 1.263 million units from 1.27 million.

Economists had forecast a drop of 0.8% in October.

Recent data has painted a worrying picture of the U.S. housing market, which is struggling with rising mortgage rates and tight inventory.

Data released on Monday showed U.S. home builder sentiment recorded its steepest one-month drop in more than 4-1/2 years in November.

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