Single-Family Starts Hit 7-Year High in November

The U.S. Census Bureau said privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,173,000, 10.5% above the revised October estimate of 1,062,000 and 16.5% above the November 2014 rate of 1,007,000. Single-family housing starts in November were at a rate of 768,000, 7.6% above the revised October figure of 714,000.

“Single-family production this month has reached levels last seen before the Great Recession, an indicator that we are making gradual headway back to a normal housing market,” said NAHB Chief Economist David Crowe. “As we close out the year, we can see that the housing sector has made headway in 2015, and we expect the recovery to continue at a modest pace.”