A month-over-month rise in permit activity and a burst in completed construction was driven by increased apartment activity. Home builders broke ground on more homes.

U.S. housing units authorized by permit-issuing places came to 112,100 units in October, bringing year-to-date volume to 1,067,200 through the end of last month.

The Census Bureau and the Department of Housing and Urban Development jointly released the new construction report Friday.

Source: Mortgage Daily