The number of housing starts increased significantly in October, according to property data from the U.S. Department of Housing and Urban Development.
Housing starts rose to a seasonally-adjusted annual rate of 894,000, which was 3.6 percent higher than the previous month's figure of 863,000. This was also nearly 42 percent improved from the same month last year, which had a rate of 630,000. The latest figure is the highest level recorded in October in four year.
"The housing industry is in a recovery," Larry Sorsby, chief financial officer of Hovnanian Enterprises, told Bloomberg. "Those builders that survived the unprecedented downturn of the last six years are in a good position not only to survive but to thrive."
Single-family starts remained relatively stable in October, according to HUD. The figure dropped 0.2 percent to a rate of 594,000 last month from September's level of 595,000.
The improvements in homebuilding were also prevalent in real estate records from the U.S. Census Bureau. In September, residential construction spending reached a rate of $285.9 billion, which was nearly 3 percent higher than the previous month's figure of $278 billion.