California’s housing starts fell 9.6% in September.
The decline was attributed primarily to a significant drop in single-family construction, according to Bank of America. The bank said starts declined to a seasonally adjusted annual rate of 247,000 units from the revised August rate of 273,000 units. Single-family construction decreased 28% to 89,400 units from 124,600 units in August, while multifamily dwellings increased 6% to 157,600 units from 148,600 units.
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