WASHINGTON—U.S. homebuilding dropped more than expected in September as construction activity in the South fell by the most in nearly three years, likely held down by Hurricane Florence.
Other details of the report published by the Commerce Department on Oct. 17 were also soft. Building permits declined to their lowest level in almost 1-1/2 years. The housing market, which has been a weak spot in a robust economy, has been hobbled by an acute shortage of properties for sale.
