NEW YORK (CNNMoney.com) — New home construction is not dead, just resting comfortably.
The number of new private home starts rose in November to a seasonably adjusted annualized rate of 555,000, according to a Commerce Department report. That was 3.9% above revised October figures but 5.8% lower than a year ago.
The numbers were higher than expected. A consensus of housing industry experts surveyed by Briefing.com had predicted 545,000 starts for the month.
New construction has been running at just a fraction of its housing-boom self. At the peak of the market in 2005, more than 2 million homes were built.
“The construction industry is limping along toward the end of a lousy year,” said Mike Larson, a housing industry analyst for Weiss Research.
Corey Dwan – REALTOR
Benson Sotheby’s International Realty
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