Good news on the new home market front this morning with two reports pointing to positive gains across the board. The U.S. Census Bureau just released its latest new homes report which found starts and completions were up in November, while permits feel slightly.
Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,560,000, up 14.8 percent above the revised October estimate of 1,359,000. The rate is also 9.3 percent above the November 2022 rate. Privately‐owned housing completions in November were at a seasonally adjusted annual rate of 1,447,000. This is 5 percent above the revised October estimate.
Privately‐owned housing units authorized by building permits in November were down 2.5 percent below the revised October rate, but is 4.1 percent above the November 2022 rate.
Builder confidence in the market also rose three points to a score of 37 during December, according to the National Association of Home Builders—the first monthly improvement seen since August.