U.S. Housing Starts Post Largest Decline in Six Months

U.S. Housing Starts Post Largest Decline in Six Months

Residential News » North America Residential News Edition | By Francys Vallecillo | January 17, 2014 9:39 AM ET

The number of housing starts in the U.S. decreased in December, recording the largest decline since April, after hitting a five-year high in November. 

Housing starts reached a seasonally adjusted rate of 999,000 - down from a revised estimate of 1,107,000 in November, according to data released today by the U.S. Census Bureau and the Department of Housing and Urban Development. 

The figure is 1.6 percent higher than the December 2012 rate of 983,000.  

Single-family housing starts in December were at a rate of 667,000, dropping seven percent from the revised November figure of 717,000. 

The data shows positive figures for 2013; an estimated 923,400 homes were started, increasing 18.3 percent from the 2012 figure of 780,600, according to the data. 

The housing market recovery in the U.S. is expected to continue this year but at a slower pace, analysts say. Yesterday the National Association of Home Builders reported a slight drop in builder confidence, after reaching a high mark in December. 

Building permits reached an annual rate of 986,000 in December, dropping 3.0 percent from the revised November rate of 1,017,000. However, it is 4.6 percent higher than the December 2012 estimate of 943,000. The figured was weighed down by the 4.8 percent monthly drop in single-family authorizations. 

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