US Homebuilding Dropped at 18.7 % in November

The U.S housing market dropped in November, however, its level is still in a stable condition which indicates sufficient demand for single-detached houses on the back of low rates of interest and jobs are enough already. According to the Commerce Department, the new housing units fell by 18.7% last month with its SAAR worth 1.090 million.

A survey conducted by The Wall Street Journal said that economists anticipated beforehand that there is a 1.23 million decline in November while permits slowed down at 1.24 million. Moreover, the construction of houses starts within one to two months following the release of permits.

Houses with more than units, even condos, and apartments, are driven down to 45.1% while permits slip down to 13.0%.