The housing market is still cooking south of the border, according to figures released Wednesday by the U.S. Commerce Department.
Housing starts rose 9.2% to a seasonally-adjusted annual rate of 1.282 million units in August, ahead of the 1.235 million units predicted by analysts.
The Commerce Department raised its estimate for starts in July to a 1.174 million-unit rate.
As experts well know, U.S. housing starts data can be volatile and subject to large revisions. Much of August's gain was in the particularly volatile multi-family component, with starts on buildings with two or more units rising 29.3% to an annual rate of 406,000 units.
Single-family home building, which accounts for the largest share of the housing market, rose a more modest 1.9% to a rate of 876,000 units in August.
Analysts also point out that the U.S. housing market has underperformed a robust economy, much of the blame ascribed to low inventories and rising mortgage rates, which have combined with higher house prices to make home purchasing unaffordable for some first-time buyers.
