New home launches in the U.S. hit a record high of eight months in November amid a sharp shortage of real estate in the market, despite higher raw material prices and labor shortages still holding back the market.
New home launches, in particular, rose 11.8 percent last month to a seasonally adjusted 1,679 million units, the highest level since March, according to data released by the Commerce Department. On an annual basis, new home openings show an increase of about 8%.
Meanwhile, however, the ministry revised downwards for October, with new start-ups revising to 1.502 million units from the announced 1.520 million units.
Economists polled by Reuters forecast a smaller but smaller increase to the seasonally adjusted 1.568 million points.
The building permits for future constructions also increased, amounting to 1.712 million, increased by 3.6%, while compared to the corresponding period last year, they increased by 1%.
Economists polled by MarketWatch expected building permits to reach 1.56 million.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
