Home building surged in November as mortgage rates came down
CNN
The annual pace of new home construction surged last month amid a historic shortage of housing inventory and falling mortgage rates.
The annual pace of new home construction surged last month amid a historic shortage of housing inventory and falling mortgage rates. Housing starts jumped by 14.8% in November compared to the previous month, rising for the third month in a row, according to data released Tuesday by the Census Bureau. The rate of starts has not been this high since May. Starts rose to a seasonally adjusted annual rate of 1.56 million units last month, rising above last month’s pace of 1.372 million and soaring past expectations of a 1.36 million unit pace. The number of units started was 9.3% higher than a year ago. Building permits ticked down in November, however, falling 2.5% from October’s revised number to a seasonally adjusted annual rate of 1.46 million. Permits were 4.1% higher than a year ago.
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