WASHINGTON (AP) — Construction of new homes rose again in November while applications for building permits rose to the highest level in 12 years, both encouraging signs of a rebound in the housing market.
The Commerce Department said Tuesday that builders started construction on a seasonally adjusted annual rate of 1.37 million homes in November, an increase of 3.2% from October. Applications for building permits increased 1.4% last month to a seasonally adjusted rate of 1.48 million. That was the highest level for building permits since May 2007.
Construction of single-family homes rose 2.4% last month while construction of new apartments was up 4.9%.