US Homebuilding Declines in October Due to Hurricanes and High Mortgage Rates

Single-family housing starts fell significantly, with future prospects hindered by economic factors and recent storms.

Single-family homebuilding in the US decreased by 6.9% in October, reaching an annual rate of 970,000 units.
Hurricanes Helene and Milton notably impacted construction activity in the Southern United States.
Despite a slight increase in building permits, the rebound in housing starts is expected to be limited by high mortgage rates.
Homebuilder sentiment improved in November, driven by expectations of regulatory relief under President-elect Donald Trump's administration.
Economic uncertainty and elevated borrowing costs continue to challenge the housing market's recovery efforts.