US Housing Starts Surge to Highest Level Since May

Declining Mortgage Rates and Builder Incentives Expected to Draw Buyers Back into the Market

Housing starts in the US surged by 14.8% in November, reaching an annual rate of 1.56 million units, the highest level since May.
Single-family homebuilding jumped 18.0% to a seasonally adjusted annual rate of 1.143 million units, the highest level since April 2022.
Permits for future construction of single-family homes increased to the highest level since May 2022.
Declining mortgage rates and incentives from builders are expected to draw potential buyers back into the housing market.
The Federal Reserve's recent indication that interest rates have peaked and will come down next year is expected to further boost the housing market.