According to the U.S. Census Bureau and the Department of Housing and Urban Development, the number of building permits for November saw a 6 percent rise over the seasonally-adjusted annual rate of 551,000 seen in October. In all, November saw an annual rate of 584,000 building permits, with 473,000 of those being for single-family homes.
Housing starts also saw an increase in the month, climbing 8.9 percent over October. In November, the total number of privately-owned housing starts came in at a seasonally-adjusted annual rate of 574,000. Starts for single-family homes also increased, up 2.1 percent when compared to the 527,000 seasonally-adjusted annual rate seen in October.
"The upward trend in homebuilding is encouraging, and the outlook for further growth is promising," U.S. Commerce Secretary Gary Locke said.
That potential for growth may come as a relief to homebuilders, whose confidence in the market for new, single-family homes dropped in December. According to the National Association of Home Builders, confidence dropped to 16 for the month, with anything under 50 on the scale meaning builders do not have confidence in the market.
