NEW YORK ( TheStreet) -- Housing starts rose in August, but homebuilders are still building far fewer homes than expected.
Total housing starts for August was a seasonally adjusted annualized rate of 891,000, 0.9% higher than the downwardly revised July estimate of 883,000 and 19% above the August 2012 rate of 749,000.
Economists polled by Bloomberg expected housing starts to rise to 915,000 from the original estimate of 896,000.
Still, single-family housing starts rose 7% in August to a rate of 628,000 from July. Multi-family starts, which are more volatile, fell by nearly 10%.Building permits declined 3.8% from the upwardly revised July estimate of 954,000 to a seasonally adjusted annual rate of 918,000. Economists expected permits to rise to a rate of 950,000 from the original estimate of 943,000. Homebuilder confidence has been high in the last several months, but in the most recent survey
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV