The number of single-family home constructions in the U.S. fell in October, with new home supply at its lowest level since 2008
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The number of single-family home constructions in the United States fell sharply by 6.9% in October, with an annualized rate dropping to 970,000 units, the lowest level since 2008. Although building permits saw a slight increase, the rebound may be limited due to the impact of hurricanes and rising mortgage rates. After the Federal Reserve cut interest rates, mortgage rates initially declined, but have since risen due to strong economic data and policy concerns. The homebuilder confidence index rose to a seven-month high, mainly due to expectations of reduced regulations from the Republican Party
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