Single-family housing starts continued their seven-month climb in November, coming in to the highest level since 2007, according to the Census Bureau.
Housing starts rose 1.2% in November compared to October and are up 12.8% year over year to a seasonally adjusted annual pace of 1.58 million starts. Single-family housing starts rose 0.4% from October and 27.1% compared to last year.
“Today’s report is consistent with other housing data that shows the housing market has rebounded substantially from the second quarter,” said Joel Kan, the Mortgage Bankers Association’s associate vice president of economic and industry forecasting.
As a result of the pandemic, there has been a heightened demand for larger homes, which Kan said has driven more construction, home sales and mortgage originations.
“Additionally, permits for new single-family construction also rose to 2007 highs, potentially an indication that we might see the increase in homebuilding continue into early 2021,“ Kan said.
