12/20: MetroIntelligence Economic Update by P. DUFFY

November existing home sales rose 1.9 percent from October, down 7.0 percent year-on-year

November existing-home sales increased 1.9 percent to 5.32 million from October, but were still down 7.0 percent from a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, down from 4.3 last month and up from 3.5 months a year ago.



November housing starts up 3.2 percent from October, down 3.6 percent year-on-year

November housing starts rose 3.2 percent from October to 1,256,000 but were down 3.6 percent year-on-year.  However, multi-family housing starts of 5+ units were up 24.9 percent from October and 20.2 percent year-on-year.



November building permits rebound 5.0 percent from October, up 0.4 percent year-on-year

November’s building permits rebounded to 1,328,000, up 5.0 percent from October and 0.4 percent year-on-year.  For multi-family buildings of 5+ units, permits were up 15.2 percent from October and 5.5 percent year-on-year.