Permits to build new U.S. homes climbed 6.2% in October to the highest level in more than five years, largely because of a big increase in applications to construct apartments and other multi-family dwellings
The number of permits issued last month rose to a seasonally adjusted annual rate of 1.03 million from an upwardly revised 974,000 in September, the Commerce Department said
Permits for buildings of five units or more - a volatile sector that often seesaws - shot up 17%, with virtually all of the demand in the South and West
Yet applications for single-family homes - the bread and butter of the housing market - rose less than 1% compared to the prior month
Permits are a barometer of future demand for new housing
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USD Permisos para la Construcción (MoM) 5.2% -2.9% Revisión de -3.8%
U.S. home-building permits jump 6.2% in October
Permits rise to 1.03 annual rate from 974,000
Permits hit highest level since June 2008
Permits for multidwelling units surge
Single-family home permits up 0.8% to 620,000
Case-Shiller 20-city home-price index up 13.3% YoY
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