The Census Bureau, Washington, D.C., reported that privately owned housing starts in November were at 1,560,000, 14.8% above the revised October estimate.
Permits were down 2.5% in November.
“The single-family starts figure is remarkably strong, and we would not be surprised to see this figure revised lower or fall back slightly in the next month, given the nearly 20% rise in November,” says Robert Dietz, chief economist at the National Association of Homebuilders.
“NAHB is forecasting an approximate 4% gain for single-family starts in 2024, as mortgage rates settle lower, economic growth slows and inflation moves lower.”
