Monthly construction of new single-family homes and building permits fell to a two and a half year low in November.
This was caused by higher mortgage rates combined with inflation, which further weakened housing market activity, according to a report from the U.S. Census Bureau, on Dec. 20.
The single-family housing market once boomed during the pandemic, as Americans bought properties work at home; but now, the pendulum has now swung in favor of multi-family units.
The news comes after National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that homebuilder confidence plunged for a record twelfth month in December, to the lowest level since June 2012, excepting the early part of the pandemic….