In November, new home construction in the U.S. saw a significant surge, with housing starts increasing by 14.8% from the previous month, reaching an annual rate of 1.56 million units.
This increase is largely attributed to a historic shortage in housing inventory and a recent dip in mortgage rates.
Single-family homebuilding primarily fueled this growth, while multifamily unit construction declined.
Despite this uptick, experts note that housing construction still falls short of the demand, with an estimated shortfall of 3 to 6 million units.
