12/21: MetroIntelligence Economic Update by P. DUFFY

November existing home sales rose 5.6 percent to strongest pace in almost 11 years

Existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, and were up 5.6 percent from October and 3.8 percent year-on-year. All major regions except for the West saw a significant hike in sales activity last month.

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November building permits dip 1.4 percent from October but still up 3.4 percent year-on-year

Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,298,000. This is 1.4 percent below the revised October rate of 1,316,000, but is 3.4 percent above the November 2016 rate of 1,255,000.

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November housing starts reached highest level since June 2008

Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,297,000, or the highest rate since June 2008. This is 3.3 percent above the revised October estimate of 1,256,000 and is 12.9 percent above the November 2016 rate of 1,149,000.

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