Housing starts rose for the first time in a few months in November climbing 3.9% from the prior month. Although building permits for new home construction fell to the lowest point in a year and a half, according to the Commerce Department. Starts rose to a seasonally adjusted rate of 555,000 units, up from a revised 534,000 units for October but still 5.8% lower than a year earlier. Analysts polled by both Reuters and Bloomberg expected housing starts to come in at 550,000 for last month. Permits for new construction, a leading indicator of future building activity, decreased to 530,000 in November, which is 4% lower than the revised October figure of 552,000 and 14.7% below the year ago estimate of 621,000. “The U.S. housing sector does not appear to be participating in the recent improvement in economic activity,” said Paul Dales, U.S. economist at Capital Economics. “We suspect this will be a theme of the next couple of years.” Write to Jason Philyaw.
Housing starts rose 3.9% in November
Most Popular Articles
Latest Articles
Have higher mortgage rates already reversed housing demand?
The strong economic data we’ve seen in the past several weeks underscore why the 10-year yield and mortgage rates rose last week.
-
How to get (or renew) your NMLS license in 2024
-
Anywhere’s Sherry Chris talks brand building, crisis management with the ‘Real Estate Insiders’
-
FHA commissioner, HUD counseling head on serving seniors with reverse mortgages
-
Shareholders sue eXp over alleged mishandling of sexual assault cases
-
Jobs report sends mortgage rates higher