Housing starts hit a seasonally adjusted annual rate of 2.070 million units in November, 4.5 percent above October's 1.980 million units, and 17.6 percent above the November 2002 rate, according to a recent U.S. Dept. of Commerce report. November's rate of housing production was the strongest since February 1984. "The key driver for housing has been the favorable interest rate structure," said NAHB Chief Economist David Seiders. "Ongoing solid increases in house values also have fueled demand for both single-family homes and condo units in multifamily structures,"
Single-family starts reached their highest pace on record in November at a seasonally adjusted annual rate of 1.695 million units, 3.3 percent above the October rate and 20.8 percent above November 2002. Multifamily housing starts increased 10.6 percent over October to a seasonally adjusted rate of 375,000 units and increased 5.0 percent compared to the same period a year ago.