Housing starts back off October peak

It would have been difficult for November's housing starts to beat the previous month's -- in October, starts shot up to 1,340,000, which is higher than the initial estimate that was announced last month.

Though November's rate still passed the 1 million mark, starts fell 18.7% to a seasonally adjusted annual rate of 1,090,000. This is also 6.9% below the November 2015 rate of 1,171,000. 

For the single-family market, starts came in at a rate of 828,000, 4.1% below October's downwardly revised rate of 863,000.

Decreases occurred across the country, but most drastically in the Northeast, where total housing starts fell 52.1%.

In the West, starts fell 22.1%, and less dramatically in the Midwest (14.2%) and South (9.3%).

The Midwest actually experienced a bit of a resurgence in single-family starts, however, which were up 19.8%.

As for what's coming down the pipeline, building permits were 4.7% below the revised October rate of 1,260,000 at 1,201,000. However, single-family permits were 0.5% above October's rate at 778,000.

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