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October's housing data was variable and mildly disappointing, with total starts negative on a month-over-month (single-family too) and year-over-year basis. New sales, permits, and single-family and improvement construction spending improved on a monthly basis. The same cannot be written about existing sales and completions, which decreased. On a regional basis, permits, starts, and completions were mixed; with housing under construction being positive. The housing market typically slows this time of year. Hence we should look at all data on a long-term basis and not from a monthly perspective.
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Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
March 24, 2016