U.S. housing starts declined 3.7% to a seasonally adjusted annual rate of 1.19 million units in November, according to data from the U.S. Commerce Department.
Single-family housing starts declined 5.4% in November to a seasonally adjusted annual rate of 829,000 units, the lowest level since April of 1991. Meanwhile, permit issuance for new single-family homes declined 5.6% in the month to 764,000 units, its lowest level since June of 1991.
Multifamily housing starts held firm in November, remaining virtually unchanged at a seasonally adjusted annual rate of 358,000 units. Meanwhile, permits for multifamily production rose 7.5% to a 388,000-unit rate.
On a regional basis, housing starts in November were down 1.5% in the Midwest, 16.3% in the Northeast and 6.9% in the West. Starts were up 0.3% in the South in November, although the region was down 27.4% on a year-over-year basis.