The housing sector continues to be a beacon of light for the U.S. housing market which is being fueled by ultra-low rates as well as a shift from the cities to the suburbs. The U.S. Census Bureau and the Department of Housing and Urban Development reports that single-family starts jumped 8.5% monthly and surged 22.3% from September 2019.
Multi-family dwellings fell 14.7% monthly and fell 17.4% annually. Total Housing Starts rose 1.9% in September from August to an annual rate of 1,415,000 units. That was just below the 1,430,000 expected and up from the 1,388,000 in August which was revised lower from 1,416,000. Building Permits came in at 1,533,000 million versus the 1,510,000 million expected.
Stocks are rebounding this morning but are trapped in a stimulus-driven mode as headlines from D.C. continue to hit the airwaves. House Speaker Pelosi and Treasury Secretary Mnuchin are expected to resume talks this afternoon. House Speaker Pelosi is optimistic that a deal can be reached before the election though those hopes are slipping. There is a deadline to strike a deal by the close of business today and if not, a package will come after November 3.