U.S. homebuilding surged to a 13-year high in December as activity increased acr...
WASHINGTON - U.S. homebuilding surged to a 13-year high in December as activity increased across the board, suggesting the housing market recovery was back on track amid low mortgage rates, and could help support the longest economic expansion on record.
Despite the surge in December, starts remained below levels seen at the peak of the housing market bubble between 2005 and early 2006. Housing starts soared 40.8% on a year-on-year basis in December. An estimated 1.290 million housing units were started in 2019, up 3.2% compared to 2018. Though a survey on Monday showed confidence among homebuilders dipped in January, it remained near levels last seen in mid-1999. Builders said they “continue to grapple with a shortage of lots and labor while buyers are frustrated by a lack of inventory, particularly among starter homes.”
Single-family housing building permits slipped 0.5% to a rate of 916,000 units in December after rising for seven straight months.
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