The new housing market began to hit its winter slowdown last month with news that new construction starts and permits were both down in November.
According to the U.S. Census Bureau’s monthly report, privately‐owned housing starts in November were down 0.5 percent below the revised October estimate of 1,434,000 and is 16.4 percent below the November 2021 rate. Single‐family housing starts in November were at a rate of 828,000; this is 4.1 percent below the revised October 2022 figure of 863,000.
Permitting for privately‐owned housing units were 11.2 percent below the revised October rate, and 22.4 percent below the November 2021 rate. Single‐family authorizations in November were at a rate of 781,000; 7.1 percent below the revised October figure of 841,000.
Completions, however, were up last month. Privately‐owned housing completions in November were at a seasonally adjusted annual rate of 1,490,000. This is 10.8 percent above the revised October estimate of 1,345,000 and is 6 percent above the November 2021 rate of 1,406,000. Single‐family housing completions in November were at a rate of 1,047,000; up 9.5 percent above the revised October rate.