Single-family home construction up 7%

In August, single-family home construction increased by 7 percent, the Commerce Department reported this week, and builders requested 627,000 single-family construction permits, which is up 3 percent compared to July.

Total building permits fell in July to 918,000 from 954,000, according to Arkansas Business, because of a decline in apartment construction.

The increase in single-family construction comes despite the fact that mortgage rates have risen since May by more than a full percentage point, which might be why new-home sales in July were at their lowest levels in nine months.

Read more at Arkansas Business.