Realtormag
Fewer new homes and apartments are in the pipeline, which may press housing shortages even more in the new year.
Housing production – which includes multifamily and residential – posted a sharp decline in November, dropping nearly 19 percent month-over-month. Overall housing production is now at a seasonally adjusted annual rate of 1.09 million units, the Commerce Department reports. Permits – a gauge of future homebuilding – was also down in November, dropping 4.7 percent.