Surprising Surge in Home Construction Amid Falling Mortgage Rates
TL;DR
Housing starts in the US unexpectedly surged by 14.8% in November, reaching the highest level since May, as falling mortgage rates attracted consumers back into the housing market. The increase in construction activity was driven by low inventory of existing homes and favorable mortgage rates. However, applications to build fell by 2.5% in November, indicating a potential slowdown in future construction. Despite this, building permits are up by about 4.14% compared to the same period last year.
Topics:businesseconomy#building-permits#economy#home-construction#housing-market#housing-starts#mortgage-rates
- Housing starts unexpectedly surge in November as mortgage rates fall Fox Business
- Home building surged in November as mortgage rates came down CNN
- US single-family housing starts scale more than 1-1/2-year high Reuters
- New Home Construction Surged in November Barron's
- Builder Sentiment Rises on Falling Interest Rates National Association of Home Builders
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