Weekly Real Estate News
Single-family housing starts were at a rate of 1.05 million in December, according to data from the US Census Bureau and Department of Housing and Urban Development. This is 3.3% above the revised November figure of 1.01 million.
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1.49 million, which is 15.8% above the revised November estimate of 1.29 million but is also 4.4% below the December 2023 rate of 1.56 million.
Single-family authorizations in December were at a rate of 992,000, is 1.6% uptick from the revised November figure of 976,000. Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1.48 million, a 0.7% dip from the revised November rate of 1.49 million and 3.1% below the December 2023 rate of 1.53 million.
Single-family housing completions in December were at a rate of 948,000, down 7.4% from the revised November rate of 1.02 million. Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1.54 million, which is 4.8% below the revised November estimate of 1.62 million and 0.8% below the December 2023 rate of 1.55 million.
For the full year of 2024, an estimated 1.36 million housing starts were recorded in 2024, down 3.9% from the 2023 figure of 1.42 million. An estimated 1.47 million housing units were authorized by building permits last year, down 2.6% from the 1.51 million housing units in the previous year. An estimated 1.62 million housing units were completed in 2024, a 12.4% spike from the 2023 figure of 1.44 million.
