Home Building Slows, But Still Going Strong

December 19, 2012

in News

Home Building Slows, But Still Going Strong

The pace of home building slowed slightly in November but remained near the four-year high reached the previous month, according to a government report. Builders started construction at an annual pace of 861,000 homes last month, according to the Census Bureau, down 3% from October’s pace. But that still put starts 21.6% above year-ago levels – another sign of the recent rebound in the housing market. Part of the decline may have been the aftermath of Superstorm Sandy, which hit the Northeast on Oct. 29. The pace of housing starts in the Northeast dropped 5.2% compared with October. Builders’ application for new building permits rose 3.6% from October’s level and 26.8% compared with November of 2011. Permits are less affected by weather than are actual starts and are seen as an indicator of builders’ confidence in the market. The housing market has been showing numerous other signs of recovery in recent months. [Read this article]

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