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Housing starts for the month of October came in at an annualized rate of 894K, which was considerably higher than expectations of 840K. It was also the highest monthly reading since July 2008. The chart below shows the historical levels of housing starts going back to 1959 on both a monthly (left side) and year/year (right side) basis. This month's headline reading in housing starts showed an increase of 41.9% on a year/year basis. Much of the year/year increase, though, was in the form of multi-family starts, which came in at 300K, which was a 57% increase from last year's level. While single-family starts came in at 594K, it only represented a year/year increase of 35.3%.

For a further breakdown of this morning's housing starts numbers, click here.

(click to enlarge)

Source: Housing Starts Rise To Highest Level Since July 2008