US Housing Starts Unexpectedly Rise to a Six-Month High
- Construction of new houses jumped almost 15% in November
- Starts of single-family houses rose to highest since 2022
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US new-home construction unexpectedly surged in November to a six-month high, benefiting from a dearth of existing houses on the market and suggesting the crunch in residential real estate is easing.
Residential starts increased 14.8% last month to a 1.56 million annualized rate, government data showed Tuesday. The median forecast in a Bloomberg survey of economists called for a 1.36 million pace.