Single-family starts rose by 2.4% in November 2019, up to a seasonally-adjusted annual pace of 938,000 new home starts. The three-month moving average for single-family construction is at a post-recession high, and NAHB forecasts indicate modest monthly gains in housing starts in the months ahead, owing to lower mortgage interest rates.
On a regional and year-to-date basis, single-family starts are down 14% in the Northeast, 6% in the West, 5% in the Midwest and up 5% in the South – the only region with net gains in 2019. Land availability and cost is a key factor explaining these regional differences.
As of November 2019, there were 526,000 single-family homes under construction. September saw the first gain for this number since January, and the current count is roughly flat from a year ago. There are currently 644,000 apartments under construction, up 5% from a year ago and marking a post-Great Recession high.Read More