Housing starts fell last month reversing almost half of November’s huge weather-driven 11% m/m increase, but remained stronger than they were in the summer. The fall on the month was something of a surprise to us given that November’s strength was caused by it being an unseasonably warm and dry month, and last month was the warmest December on record. That said, it is consistent with the slowdown in new home sales and build permit issuance in recent months. (See Chart 1.)
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