Housing Starts Fall 3% in November
Housing starts fell as building permits rose for November, according to a U.S. Department of Housing and Urban Development report [link opens in PDF] released today.
Housing starts fell month to month to a seasonally adjusted annual rate of 861,000, 3% less than October's revised estimate, but a substantial 21.6% above last November's 708,000 rate.
Building permits rose 3.6% in November to a seasonally adjusted annual rate of 899,000. Compared to November 2011, these newest numbers reflect a 26.8% year-over-year increase.
On a regional basis, the Midwest led permits with an 8.1% month-over-month increase, while the Northeast experienced a 6.2% decline. Compared to November 2011, the Midwest has recorded a 49.5% jump in permits, while the Northeast remains the only region to experience a decline in this number (-5%).
This newest decline in starts comes as negative news for the housing market's recovery, but trends still point to an overall moderate uptrend, further supported by new gains in homebuilder confidence.
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