After a mixed picture in October (starts down, permits up), analysts expected both to rise in November – and they were right.
- Housing Starts exploded in November, up a shocking 11.8% MoM (after a downwardly revised 3.1% MoM drop in October).
- Building Permits jumped 3.6% MoM (after an upwardly revised +4.2% MoM in October).
Both were dramatically above expectations.
Starts jumped from their lowest since Feb 2021 to the highest since March…
The jump in starts was relatively evenly balanced between single-family and multi-family units (+11.3% MoM and +12.9% MoM respectively).
One wonders how long this will last given the slump in mortgage apps and The Fed’s new hawkish 6-hikes-in-two-years plan.