Single-Family Starts Take the Lead in November Housing Production
While a slowdown in multifamily construction caused overall housing starts to drop, single-family starts increased in November
Dec. 20, 2024
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Single-family home production improved in November.
Single-family housing production improved in November, even as overall housing starts declined due to a drop in multifamily construction. According to the National Association of Home Builders’ Eye On Housing blog, housing starts fell 1.8% to an annualized rate of 1.29 million units in November. However, at the same time, single-family starts rose 6.4% to an annualized rate of 1.01 million, with year-to-date single-family construction up by 7.2%.
Overall permits increased 6.1% to a 1.51 million unit annualized rate in November. Single-family permits increased 0.1% to a 972,000 unit rate and are up 8.0% on a year-to-date basis. Multifamily permits increased 19.0% to an annualized 533,000 pace.
Looking at regional data on a year-to-date basis, permits are 3.2% higher in the Northeast, 4.8% higher in the Midwest, 2.5% lower in the South and 7.0% lower in the West.Read more
