New Home Construction Retreats Quickly in December

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Posted To: MND NewsWire

Both housing starts and permits were expected to retreat a bit in December , following their strong performances in October and November. Permits did tick down, but housing starts, which were exceptionally strong in November, gave back in a much bigger way. The U.S. Census Bureau and the Department of Housing and Urban Development said starts were at a seasonally adjusted annual rate of 1,192,000, an 8.2 percent month-over-month decline, and were off by 6.0 percent from the December 2016 pace. The November estimate for housing starts was revised up from 1,297,000 to 1,299,000. The housing starts number was substantially lower than analysts had anticipated . Those polled by Econoday had made predictions ranging from 1,230,000 to 1,320,000 units, with a consensus of 1,280,000. The performance…(read more)

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