Starts and permits data for November
- Prior was 1.615m
- Permits 1.589m vs 1.680m expected
- Prior permits 1.721m
- Full report (pdf)
Permits were down 7.7% in the month while starts fell 1.6%. This is in contrast to yesterday's NAHB survey, which showed improving home builder sentiment. Given high prices, the crux of the issue here is getting the supplies and workers to build the homes.
Notably though, single family permits were only down 0.9% while multifamily fell 18.3%. The later tends to be chunky. It's similar in starts with single family starts flat while multi-family starts down 5.0%.
