Posted 12/19/2023, 2:58:07 PM
New Home Construction Soars 14.8% to 6-Month High in November on Cooling Mortgage Rates
- New home construction jumped 14.8% in November to 1.56 million, far exceeding expectations and hitting a 6-month high
- It was the best month for single-family home construction since April 2022
- Declining mortgage rates are boosting home builder confidence and housing market activity
- Applications for building permits came in slightly below projections, indicating upcoming housing supply growth may be more muted
- While positive, the housing market remains depressed compared to recent years due to still-high mortgage rates and slowing home price growth