A mixed November for home construction
Single family home construction permits dropped 0.2 percent from October to 565,000 single family units. Single family home construction permits remained 68.58 percent below the peak in September 2005.
Today’s New Residential Construction Report showed mixed results for November with a slight slip in single family permits and significant declines to total and single family starts but with gains to total permits.
Single family housing permits, the most leading of indicators, dropped 0.2% from October to 565K single family units (SAAR), and increased 25.3% above the level seen in November 2011 but still remained an astonishing 68.58% below the peak in September 2005.
Single family housing starts declined a whopping 4.1% from October to 565K units (SAAR), but rose 22.8% above the level seen in November 2011 but still remained 69.01% below the peak set in early 2006.