Monthly Housing Start Rate Jumps 8.9% in Nov.
Housing starts increased again this month, jumping 8.9% to a seasonally adjusted rate of 574,000 in November, according to the Department of Housing and Urban Development (HUD) and the Census Bureau. The increase from October’s revised rate of 527,000 to November’s results follows a 10.6% jump between September to October. However, the rate is 12.4% below the November 2008 rate of 655,000. Single-family housing starts in November increased 2.1% from October to a rate of 482,000. The start rate for buildings with five or more units was 83,000. The rate of completed housing units increased 8.7% from October’s revised seasonally adjusted rate of 745,000 to 810,000 in November, but are down 25.3% from the November 2008 rate of 1,084,000. Single-family completions remained level in October at a rate of 524,000, while the completion rate for buildings with five or more units was 270,000. The rate of building permits issued increased 6% from October to a seasonally adjusted rate of 584,000. The rate is down 7.3% from the November 2008 rate of 630,000. Single-family building permits increased 5.3% to a rate of 473,000 from October. The permit rate for buildings with five or more units was 86,000. Write to Austin Kilgore.