by Bill McBride on 12/19/2012
From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 861,000. This is 3.0 percent below the revised October estimate of 888,000, but is 21.6 percent (±12.5%) above the November 2011 rate of 708,000.
Single-family housing starts in November were at a rate of 565,000; this is 4.1 percent below the revised October figure of 589,000. The November rate for units in buildings with five units or more was 285,000.
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 899,000. This is 3.6 percent above the revised October rate of 868,000 and is 26.8 percent above the November 2011 estimate of 709,000.
Single-family authorizations in November were at a rate of 565,000; this is 0.2 percent below the revised October figure of 566,000. Authorizations of units in buildings with five units or more were at a rate of 307,000 in November.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) decreased slightly from October.
Single-family starts (blue) decreased to 565,000 thousand in November.
The second graph shows total and single unit starts since 1968.
Total housing starts were at 861 thousand (SAAR) in November, down 3.0% from the revised October rate of 888 thousand (SAAR).
Total starts are up about 80% from the bottom start rate, and single family starts are up about 60% from the low.
This was slightly below expectations of 865 thousand starts in November. Starts in November were up 21.6% from November 2011, and right now starts are on pace to be up about 25% from 2011. I’ll have more soon …