Construction on new U.S. homes fell 0.5% in November, the Commerce Department said Tuesday
The numbers: Construction on new U.S. homes fell a seasonally adjusted 0.5% in November to 1.43 million, the Commerce Department said Tuesday.
The drop in construction on homes follows the decline in October, when housing starts also fell by 2.1%. Overall construction in the West and the South led the jump with an 8.3% increase and 0.1% increase respectively. There are signs of optimism though. The recent rise in purchase mortgage applications, tracked by the Mortgage Bankers Association, tells us that people are still buying homes.
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