Permits for constructing residential buildings rose last month in the United States, but single family home permits were largely unchanged as market conditions remained uncertain for builders. Building permits are a reliable indicator of the level of market demand for new homes.
Overall, building permits were up 6.1 percent in November compared to the previous month on a seasonally adjusted annual rate, said a Dec. 18 statement from the U.S. Census Bureau.
The overall jump in numbers was driven by an increase in permits for multi-family buildings with five or more units, which surged by more than 22 percent.
In contrast, single-family housing permits mostly remained flat, rising by only a marginal 0.1 percent. The numbers “were flat as builders face mixed market conditions that include an election result that promises a focus on regulatory relief, but ongoing elevated mortgage rates,” said Carl Harris, chairman of the National Association of Home Builders (NAHB)….