U.S. privately-owned housing starts in November were at a seasonally adjusted annual rate of 1.028 million. This is 1.6% below the revised October estimate of 1.045 million, and is 7.0% below the November 2013 rate of 1.105 million.
Single-family starts decreased to an annual rate of 0.677 million from 0.716 million and multi-unit starts increased to 0.351 million from 0.329 million.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.5% in October to a seasonally adjusted annual rate of 5.26 million. This annual rate is 2.5% higher than the 5.13 million-unit level in October 2013.
Lawrence Yun, NAR chief economist, says the housing market this year has been a tale of two halves. “Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth,” he said. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”
“The growth in housing supply this year will likely prevent the drastic sales slowdown and coinciding spike in home prices we saw last winter due to low inventory,” says Yun. “However, more housing starts are needed to increase supply, meet current demand and keep price growth in check.”
The existing home sales rate in 3 of the 4 U.S. regions in September:
- Northeast: 0.71 million from 0.69 million month prior.
- Midwest: 1.24 million from 1.18 million month prior.
- South: 2.17 million from 2.11 million month prior.
- West: 1.14 million from 1.20 million month prior.
Total housing inventory at the end of October decreased 2.6% to 2.22 million existing homes available for sale. That represents a 5.1 month supply at the current sales pace. Unsold inventory is 5.2% above a year ago, when there were 2.11 million existing homes available for sale.
The median time on market for all homes was 63 days in October. That is up from 56 days in September. Short sales were on the market for a median of 150 days, while foreclosures typically sold in 68 days, and non-distressed homes took 61 days. 33% of homes sold in October were on the market for less than a month.
The national median existing home price for all housing types was $208,300, up 5.5% from a year ago.
U.S. privately-owned housing starts in October were at a seasonally adjusted annual rate of 1.009 million. This is 2.8% below the revised September estimate of 1.038 million, and is 7.8% above the October 2013 rate of 0.936 million.
Single-family starts increased to an annual rate of 0.696 million from 0.668 million and multi-unit starts decreased to 0.313 million from 0.370 million.
Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1.017 million. This is 6.3% above the revised August estimate of 957k, and is 17.8% above the September 2013 rate of 863k.
Single-family starts increased to an annual rate of 646k from 639k and multi-unit starts increased to 3371k from 318k.
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 956k. This is 14.4% below the revised July estimate of 1.117 million, and is 8.0% above the August 2013 rate of 885k.
Single-family starts decreased to an annual rate of 643k from 659k and multi-unit starts decreased to 313k from 458k.
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1.093 million. This is 15.7% above the revised June estimate of 945k, and is 21.7% above the July 2013 rate of 898k.
Single-family starts increased to an annual rate of 656k from 606k and multi-unit starts increased to 437k from 339k.