Tuesday, December 20, 2011

Housing starts spiked in November

Housing starts are up 24.3% year-over-year:
Home building spiked up in November to the strongest level in almost two years, as record-low mortgage rates and a surge in apartment and condo construction lifted activity.

Housing starts shot up to an annual rate of 685,000 in the month, up 9.3% from October and 24.3% higher than a year earlier. Building activity easily topped predictions of 627,000 starts economists surveyed by Briefing.com were expecting.

Building permits, a closely-watched reading that is less affected by weather than actual starts, also shot up, rising 5.7% from October and 20.7% from the year before to 681,000 homes annually. ...

Both permits and starts were the strongest readings since the spring of 2010, the original deadline for a homebuyer tax credit that sparked a temporary rebound in building and home sales.
I'd like to post some graphs, but the St. Louis Federal Reserve website hasn't updated their data. When they get around to it, the new housing starts graph will be here and the new housing permits graph will be here. The official Commerce Department press release is here.

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