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By Matt Ott

The Associated Press

SILVER SPRING, Md. 鈥� Construction of new homes in the U.S. fell 0.7 percent in October, but a big jump in the number of permits last month points to anticipation by builders that supply chain problems that have dogged them for much of the year will soon ease.

October鈥檚 decline put home construction at a seasonally adjusted annual rate of 1.52 million units, which is an increase of 0.4 percent from the rate at this time last year, the Commerce Department reported Wednesday. Also, September鈥檚 number was revised down to 1.53 million units from 1.56 million units.

But in a positive sign of future activity, applications for building permits jumped 4 percent from September to 1.65 million. That is a 3.4 percent rise from October 2020.

Single-family home starts fell 3.9 percent from September to October and are down more than 10 percent from last year. Apartment construction has helped offset some of those declines, with starts of buildings with five or more units rising to 470,000 in October, an increase of 6.8 percent from September鈥檚 440,000. Apartment construction starts are up nearly 40 percent from 12 months previous.

Construction activity by region saw modest monthly declines in the Northeast, South and West, but a 5.6 percent incline in the Midwest.

Low interest rates and a desire for more space have lured buyers into the market, but rising costs for materials and a yearslong shortage of supply have pushed prices up. Economists and builders say demand remains strong, even as the median price for a new home is about 20 percent higher than a year ago.

A monthly survey of builder sentiment by the National Association of Home Builders and Wells Fargo showed sentiment improved to 83 in November from a reading of 80 in October, which was an increase over September鈥檚 76. The index hit a record reading of 90 in November 2020.

The Commerce Department will issue its report on new home sales for October later this month. In September, it reported that sales of new homes jumped 14 percent in September to the fastest pace in six months as strong demand helped offset rising prices.