WASHINGTON - Builders began work on new homes and apartments at a seasonally adjusted annual rate of 1.89 million units in September, the U.S. Department of Commerce reported. This rate is up 3.4 percent from August.
"We've now had four consecutive months of housing production above the 1.8 million unit pace, and that is truly remarkable," said Kent Conine, president of the National Association of Home Builders (NAHB). "Undoubtedly, last month's fallback in long-term mortgage rates was a contributing factor, as well as strong household formations and the accelerating economy." The average rate on long-term mortgages in September was just over 6 percent.