Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1.09 million, an 18.7 percent drop compared with October’s rate of 1.34 million and a 6.9 percent drop compared with the November 2015 rate of 1.17 million, according to the U.S. Census.
Single-family housing starts in November were at a seasonally adjusted annual rate of 828,000, 4.1 percent down from October’s rate of 863,000.
“Single-family starts declined from a robust level in October but still remain very solid,” said NAHB Chief Economist Robert Dietz. “Though rising mortgage rates could be a headwind for housing, we expect single-family production to continue on a long-run, gradual growth trend. Meanwhile, the multifamily sector, which has been volatile in recent months, is expected to level off at a solid rate as that market finds balance between supply and demand.”
