Led by a solid increase in both single-family and multifamily starts, nationwide housing production rose 22.7% to a seasonally adjusted annual rate of 1.09 million in November, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“This report is in line with our latest survey, which shows that builders are increasingly confident that buyers who have sat on the sidelines are feeling more secure about their economic situation and are now moving to purchase new homes,” said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “This upward trend could be even stronger if not for persistently tight lending conditions for buyers and builders facing rising costs for building materials, lots and labor.”