Single-family starts increased 3.3% from November to December to a 1.05 million seasonally adjusted annual rate, according to the U.S. Census Bureau.
Single-family starts in 2024 totaled 1.01 million, up 6.5% from the previous year.
“Single-family home building increased 6.5% for 2024, as builders added more supply in a market continuing to face a housing affordability crisis due to elevated mortgage interest rates and higher construction costs,” National Association of Home Builders Chairman Carl Harris said in a statement. “Nonetheless, the industry expects to see a slight gain for single-family home building in 2025 because of a persistent housing shortage and ongoing solid economic conditions.”
Overall housing starts increased 15.8% from November to December to a seasonally adjusted annual rate of 1.50 million units. Total housing starts for 2024 were 1.36 million, a 3.9% decrease from 1.42 million total in 2023.
Read the full report here.
