Housing Starts Show Divergent Trends
Total housing starts in November fell to an annualized rate of 1,289,000, marking a 1.8% decline from October and a sharper 14.6% drop compared to November 2023. Single-family starts provided a bright spot, increasing 6.4% month-over-month to 1,011,000. This growth aligns with stable demand in the single-family market, possibly buoyed by steadying mortgage rates and consistent buyer interest.
Conversely, multifamily starts fell to 264,000, reflecting a significant decline in activity. Developer caution in the rental market could stem from economic uncertainties or concerns over slower rental growth. The contrasting performance between single-family and multifamily starts highlights diverging investment…
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