Single-Family Housing in the US Rebounds in December

The number of single-family homes built in the United States increased in December, but the boost was likely temporary, as permits for future construction continued to fall despite increasing mortgage rates.

The Commerce Department said on Thursday that single-family housing starts jumped 11.3% to a seasonally adjusted annual pace of 909,000 units last month, the highest level since August.

Starts for housing developments with five or more units fell 18.9% to 463,000 units. Overall housing starts fell 1.4% last month to 1.382 million units. In 2022, housing starts declined 3.0%.

Reuters surveyed economists, and they predicted that housing starts would fall to 1.359 million units in December.

Single-family building permits fell 6.5% to 730,000 units, while those for housing developments with five or more units jumped 7.1% to 555,000 units. Overall building permits dropped 1.6% to 1.330 million units. Permits fell 5.0% in 2022.

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