Single-family homebuilding surges to highest levels since before the Great Recession

U.S. homebuilding surged to a 13-year high in December as activity increased across the board, suggesting the housing market recovery was back on track amid low mortgage rates, and could help support the longest economic expansion on record. Housing starts jumped 16.9% to a seasonally adjusted annual rate of 1.608 million units last month, the highest level since December 2006.

A report from CNBC highlights the rising fortunes of the American housing market, which saw homebuilding activities increase to record levels in December 2019. According to the report, the number of housing units started in 2019—1.290 million homes in total, including 916,000 single-family units—was up 3.2% over the year prior. The surge has helped to bring the seasonally adjusted annual homebuilding rate up to 1.608 million units, a 16.9% jump from the previous month and the highest level of homebuilding the country has seen since 2006. The number of permits issued dropped 3.9% in December, however, down from a 12-year high the month before. 

Housing starts for multi-family housing rose 29.8% last month to 553,000 units while the number of permits issues for these types of units declined 9.6% to 500,000, overall. 

Antonio Pacheco via Archinect - News http://bit.ly/2tE0F33