- Prior month housing starts 1.359M
- Housing starts November 1.560 million versus 1.360 million estimate. Big jump
- Building permits 1.460 million versus 1.465 million estimate
- Housing starts MoM +14.8% versus +0.2% last month (was 1.9%)
- Building permits MoM -2.5% versus +1.1% last month
The supply of homes are the story line. Higher rates have not helped that dynamic. Builders have been subsidizing the buyers at their expense.
Mortgage rates are coming down which may be encouraging more building and may also lighten the incentives in the process. We will see how the story line plays out. .
