Privately owned housing starts in November were at a seasonally adjusted annual rate of 1,427,000, which is 0.5% below the revised October estimate of 1,434,000 and 16.4% below the November 2021 rate of 1,706,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

Single‐family housing starts last month were at a rate of 828,000, or 4.1% below the revised October figure of 863,000. The November rate for units in buildings with five units or more was 584,000.

“Inflationary pressures, higher rates, and high home prices continue to dampen the market,” says Ali Wolf, chief economist at Zonda. “Both single-family starts and permits hit the lowest nonseasonally adjusted level since January 2019. As we head into 2023, Zonda data shows roughly 75% of builders intend to slow starts further unless there is a notable and consistent uptick in demand.”

Housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,342,000, which is 11.2% below the revised October rate of 1,512,000 and 22.4% below the November 2021 rate of 1,729,000. Single‐family authorizations last month were at a rate of 781,000, or 7.1% below the revised October figure of 841,000. Authorizations of units in buildings with five units or more were at a rate of 509,000.

November’s housing completions were at a seasonally adjusted annual rate of 1,490,000, which is 10.8% above the revised October estimate of 1,345,000 and 6% above the November 2021 rate of 1,406,000. Single‐family housing completions last month were at a rate of 1,047,000, or 9.5% above the revised October rate of 956,000. The November rate for units in buildings with five units or more was 430,000.