Housing starts in November decreased 1.6 percent to a seasonally adjusted annual rate of 1.028 million units, according to the U.S. Census Bureau.
The three-month moving averages for total and single-family production were at their highest levels since the Great Recession. The big picture is that the market is recovering, said Kevin Kelly, chairman of the National Association of Home Builders, in a statement.
Single-family housing starts were down 5.4 percent to a seasonally adjusted annual rate of 677,000 units in November. Multifamily production went up 6.7 percent to 351,000 units.
While total production dropped in the South by 19.5 percent, combined housing production in the Northeast, Midwest and West ramped up by 8.7 percent, 14.4 percent and 28.1 percent, respectively.
Building permits saw a 5.2 percent loss to a seasonally adjusted annual rate of 1.035 million units in November. Of that, multifamily permits dropped 11 percent to 396,00 and single-family permits went down by 1.2 percent to 639,000.
