New-home construction posted its largest percentage decrease since April, a big fall after last month’s surge, the Commerce Department reports.
Housing starts dropped 9.8 percent in December to a seasonally adjusted annual rate of just under 1 million units. The drop follows a sharp rise in November, in which new-housing starts had accelerated to the fastest pace since February 2008. Single-family home construction, which makes up the largest segment of starts, dropped 7 percent in December to a seasonally adjusted annual rate of 667,000 units. However, total single-family housing starts still mark the highest monthly total in 2013. Watch Housing Now
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