Privately owned housing starts dropped 14.7% in March, the largest monthly decline since the onset of the COVID-19 pandemic in April 2020.
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The growth in November housing starts was seen across all United States regions, including a notable jump of 16.3% in the South; starts were up 1.4% in the Midwest.
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At the same time, days on market remained flat, at 43.
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Housing starts rose to a 1.37 million annual pace from 1.35 million in October, the government said Friday.
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Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures.
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Construction of new U.S. homes rebounded 7% in September to an annual pace of 1.36 million units after a sharp 1.5% drop in the prior month.
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At the same time, existing-home sales dropped, while days on market inched higher.
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Construction of new U.S. homes fell 11.3% in August as builders scaled back new projects to focus on completions.
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The declines come as interest rates continued to rise, according to the latest Atlanta Housing Scorecard.
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Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
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