The National Association of Home Builders (NAHB), Washington, D.C., said the pace of total November housing starts was down 1.6% from an upwardly revised October number. The October housing starts estimate was revised up from the initial reading of 1.009 million units (on a seasonally adjusted annual pace) to 1.045 million, with increases for both single-family and multifamily construction. On a three-month moving average basis, total housing starts recorded a post-recession high and have now been above a one million annual rate for three consecutive months.
The rate of single-family construction starts came in at 677,000 in November, down 5.4% from the elevated October reading (716,000). On a three-month moving average basis, the single-family starts rate stands at 685,000, which is also a post-recession high. Multifamily starts of properties with five or more units increased 7.6% to a 340,000 rate in November. The starts rate for 5+ unit construction has been in an approximate stable range of 300,000 to 350,000 since August.