Tampa Real Estate Market – New Housing Starts – October

The Commerce Department released this morning housing starts for October.  Privately-owned (multi-family) starts decreased by a more than expected (10.6%) to a seasonally adjusted annual rate of 529,000 units, market expectations were 600,000.  September’s previously reported starts of 590,000 was adjusted higher to 592,000.   The starts for October 2009 is (30.7%) below October 2008 rate of 763,000.

Additionally Building Permit numbers were also released.  Privately-owned housing units authorized by building permits were at an adjusted annual rate of 552,000 which was (4%) below the revised September rate of 575,000.  We are still (24.3%) below October 2008 estimate of 729000.  Single-family permit authorizations in October were about flat at (.2%) or 451,000 which was below the revised September figure of 452,000

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