Multifamily Fuels November's Housing Starts
Build, baby, build! The Commerce Department says housing starts are up 10.5% in November to a 1.17 million annualized rate, 16.5% higher than November 2014.
The November starts outstripped predictions, as economists told the Wall Street Journal to expect a rate of 1.14 million. Multifamily starts—up 18.1%—made up most of the November gains.
Starts were down 11% in October, but the November increase shows life in the market. The new Fed rate hike isn’t expected to slow demand, either. A Zillow report says 70% of homebuyers won’t be deterred by mortgage rates up to 4.5%. [ConstructionDive]