Single-Family Home Starts, Permits Rise

Washington, DC, Sept. 18, 2013 -- New home construction starts rose 0.9% in August to a seasonally adjusted annual rate of 891,000, according to the Commerce Department.

Starts for single-family homes rose, while multi-family starts dropped, the government said.

Economists had expected overall housing starts in August to hit an annual rate of 921,000.

In August, starts for single-family homes rose 7%, while starts in multi-family properties fell 9.4%.

Overall starts in August were up 19% from the same period last year.

Meanwhile, building permits, a sign of future demand, fell 3.8% in August to an annual rate of 918,000. Multi-family permits fell 15.7%, while permits for single-family homes rose 3%.

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