U.S. Housing Starts Soar to 18-Month High in November - Modern Distribution Management

U.S. Housing Starts Soar to 18-Month High in November

A jump in single-family homebuilding comes as 30-year mortage rates have fallen to their lowest mark since late October.
Construction industry

Having endured a very challenging U.S. housing market for several years, construction industry professionals got some excellent news on Dec. 19. 

The U.S. Commerce Department’s latest monthly New Residential Construction Report showed that single-family housing starts surged 18.0% vs. October’s revised rate and soared 42.2% year-over-year. It was the largest single-month gain for single-family housing starts since May 2022. Single-family homebuilding grew substantially in the Northeast, Midwest and the densely populated South. It declined in the West.

The jump in single-family housing starts, which accounts for the bulk of homebuilding, comes as the rate on U.S. 30-year fixed mortgages averaged 6.95% for the week of Dec. 11 — its lowest level since August, according to Freddie Mac data. It has consistently fallen from a 23-year high of 7.79% in late October.

Overall, privately-owned housing starts jumped 14.8% in November vs. October, and 14.6% year-over-year. 

Meanwhile, the report also showed that permits for future construction of single-family housing units increased 0.7% in November vs. October to its highest rate since April 2022. Overall, November’s privately-owned housing building permits were down 2.5% from October’s revised rate, but up 4.1% year-over-year.

As for completed projects, single-family housing completions in November were down 3.2% from October’s revised rate, while total privately-owned housing completions were up 5.0% month-to-month and down 6.2% year-over-year.

Click on images for hi-resolution version.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!