More new homes were started and completed as of last month, though the number of permits issued for new homes was down.
On a seasonally adjusted basis, the annual rate of permits issued for privately owned housing units was 1.103 million in September.
While the rate was down five percent compared to the previous month, activity picked up five percent versus the same month last year.
The data was jointly released
Tuesday by the Census Bureau and the Department of Housing and Urban Development.
In the South, the rate was down seven percent to 0.546 million in September — the worst deterioration of any region. A six percent decline in the West left that rate at 0.272 million, while permits slowed five percent in the Midwest to an an annual rate of 0.167 million.
Permits were up eight percent from August in the Northeast, putting the annual rate at 0.118 million.
Without any seasonal adjustment, there were 96,800 U.S. permits issued last month.
The latest activity left 137,000 housing units authorized but not year started.
The report indicated that the seasonally adjusted annual rate of homes that have started construction in September was up 6.5 percent from the prior month to 1.206 million. An 18 percent-year-over-year improvement was reported.
In the West, new construction soared by a quarter to a 311,000 rate in September — the biggest month-over-month gain.
The Northeast had a 23 percent increase from August to 137,000 homes that began construction.
A less than one percent increase was recorded for the South, leaving that region with 621,000 homes starting construction in September.
But in the Midwest, new construction dropped 12 percent from August to 137,000.
Putting aside seasonal adjustments, construction was started on 111,000 U.S. properties last month.
As of Sept. 30, there were a seasonally adjusted 928,000 homes under construction.
Finally,
builders completed construction on a seasonally adjusted 1.028 million U.S. homes last month, moving up eight percent from a month earlier and a year earlier.
Completed construction skyrocketed 60 percent in the Northeast to an annual rate of 125,000. The Midwest saw a 48 percent increase to a 222,000 rate, while completed construction in the South fell seven percent to 443,000, and activity was down six percent to a 326,000 rate in the West.
Without a seasonal adjustment, there were 93,800 U.S. properties that were completed in September.
