Single-Family Housing Starts Dip 5.4% in October to 677,000 Annual Rate

The U.S. Census Bureau said privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,028,000, 1.6% below the revised October estimate of 1,045,000 and 7% percent below the November 2013 rate of 1,105,000. Single-family housing starts in November were at a rate of 677,000, 5.4% below the revised October figure of 716,000. The November rate for units in buildings with five units or more was 340,000.

Chief Economist David Crowe, NAHB chief economist, said, “The number of houses under construction has been on an upward trajectory, signaling that housing is moving forward. With strong demand, affordable home prices and favorable interest rates, we should see housing production continue to grow into 2015.”