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.

Source: Bloomberg

Starts jumped from their lowest since Feb 2021 to the highest since March…

Source: Bloomberg

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.

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