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Homebuilders turn on a dime; new housing permits drop
Housing starts in the US dropped 1.4% to a seasonally adjusted annualized rate of 1.382 million in December of 2022, the lowest level in five months, but above market forecasts of 1.359 million. Starts for units in buildings with five units or more sank 18.9% to 463 thousand while those for single-family ones jumped 11.3% to 090 thousand. Starts were lower in the Midwest (-37.4%), the West (-9.5%) and the South (-4%) but jumped 135.6% in the Northeast. December marks a fourth consecutive month of falling housing starts, pushing the 2022 drop to 3%, the first decline since 2009, as rising mortgage rates and inflation weighed on affordability. source: U.S. Census Bureau
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Updated: Boston Real Estate Blog 2022
Homebuilder sentiment drops this month
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