by Single-family homes continue to make up the bulk of new housing construction activity
WASHINGTON — Year-over-year, housing completions once again rose in November, although at a slower pace from the previous month, a sign such activity could slow down further in the winter months.
Meanwhile, building permits and housing starts continued their year-over-year decline, according to figures released by the U.S. Department of Commerce this week.
The DOC reported Wednesday that there were 1,601,000 housing completions in November, up 9.2% above 1,466,000 in November 2023 and 1.9% above a revised October estimate of 1,632,000. In October, housing completions were nearly 17% higher than a year earlier.
Single-family home completions, which represented nearly 65% of the total, were up 3.3% from the revised October rate of 1,005,000, totaling 1,038,000.
Housing starts totaled 1,289,000 in November, 14.6% below 1,510,000 in November 2023 and 1.8% below a revised October estimate of 1,312,000. Single-family housing starts totaled 1,038,000, or 78.4% of the total, up 6.4% from the revised October estimate of 950,000.
Building permits totaled 1,505,000, .2% below 1,508,000 in November 2023 and 6.1% above 1,419,000 in October. Single-family building permits, which represented 64.5% of the total, were up .1% above the revised October rate of 971,000, totaling 972,000.
By region, the activity was as follows:
In the Northeast, there were 158,000 residential building permits issued, up 36.2% from 116,000 in November 2023 and up 11.3% from 142,000 in October. There were 115,000 residential units started in November, down 10.9% from 129,000 issued in November 2023 and up 10.6% from 104,000 issued in October. There were 195,000 residential units completed, up 91.2% from 102,000 in November 2023 and up 23.4% from 158,000 completed in October.
In the Midwest, there were 217,000 permits issued, up 10.2% from 203,000 issued in November 2023 and up 10.7% from 196,000 issued in October. There were 158,000 residential units started, down 22.2% from 203,000 in November 2023 and down 28.2% from 220,000 in October. There were 180,000 units completed, up 4% from 173,000 in November 2023 and down 14.7% from 211,000 in October.
In the South, there were 798,000 permits issued, down .6% from 803,000 issued in November last year and up 5.7% from 755,000 issued in October. There were 621,000 units started, down 11.1% from 818,000 in November 2023 and up 10.2% from 660,000 units started in October. There were 871,000 units completed, down .9% from 879,000 in November 2023 and up 7.9% from 807,000 in October.
In the West, there were 332,000 permits issued, down 15.3% from 392,000 in November 2023 and up 1.8% from 326,000 in October. There were 289,000 units started, down 19.7% from 360,000 started in November 2023 and down 11.9% from 328,000 started in October. There were 355,000 units completed, up 13.8% from 312,000 in November last year and down 22.1% from 456,000 completed in October.
