New home construction jumped 6.5 percent in September after declines in the previous two months. Housing Starts of multifamily units surged 17 percent, leading the increase. Single-family Housing Starts eked up a mere 0.3 percent. With winter weather on the horizon, Building Permits, which signal future construction, were down for both single-family and multifamily housing.
Homebuilders are feeling pretty good about the uptick. In fact, homebuilder confidence hit levels not seen since the housing boom in 2005, as measured in the latest Housing Market Index of the National Association of Home Builders (NAHB).