WASHINGTON (AP) — Construction companies built more apartment complexes in September, sparking a temporary rise in housing starts for a real estate market that otherwise appears to have crested during the summer. Housing starts last month rose 6.5 percent to a seasonally adjusted annual rate of 1.21 million homes, the Commerce Department said Tuesday. New construction and sales of existing homes surged in the first half of the year as more Americans found work and the unemployment rate dipped to a solid 5.1 percent. The tight inventories — just 5.2 months' supply of homes were listed for sale — have propped up prices, as the median cost to buy a home increased 4.7 percent over the year to $228,700, according to the National Association of Realtors. The influx of millennials and downsizing baby boomers into the rental market has caused monthly leases to jump 3.8 percent over the past year, according to the real estate firm Zillow.
Comment on Apartments drive home construction gains in September
By JOSH BOAK, AP Economics Writer, Seattle Post-Intelligencer: Business
Tue, 10/20/2015 - 6:57am
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