The housing market was a pillar of strength for the U. economy during the COVID-19 pandemic last year; however, volatility appears to be creeping into the sector.
The data was weaker than expected; according to consensus forecasts, economists expected relatively stable activity at 1.58 million units.
September’s data was also revised lower to 1.53 million units, down from the previous estimate of 1.56 million.
For the year housing starts were up 0.4% from October 2020.