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New home production increasing

New home production is increasing, according to figures recently released by the U.S. Commerce Department.

New home production is increasing, according to figures recently released by the U.S. Commerce Department.

According to figures released recently by the U.S. Commerce Department, families are likely to be packing up and moving into new single- and multi-family homes. Production of new single-family homes and apartments rose 9.3 percent in November.

The 9.3 percent increase pushed the seasonally adjusted annual rate up to 685,000 units, which is the fastest pace of housing starts since October 2008.

The improvement in numbers was a direct result of improvements in the single- and multi-family sectors in November. Single family homes increased 2.3 percent to a 447,000-unit pace, which was the fastest since June 2011, and multi-family homes increased 25.3 percent to a 238,000-unit pace, the fastest since September 2008.

“While we still have a long way to go back to normal, the latest numbers are one more indication that housing is slowly turning the corner,” said Bob Nielsen, chairman of the National Association of Home Builders and a home builder from Reno, Nevada. “In scattered markets across the country, buyers who have long sat on the sidelines are starting to take advantage of today’s very attractive prices and interest rates, while others are making the move to a new apartment. This nascent trend would be stronger if not for the very restrictive lending environment that continues for both building and buying new homes.”

Builder confidence also rose recently, for the third consecutive month.