P.M. BRIEFING : Housing Completions Off Sharply
Housing completions fell 12.8% in December from a month earlier--the sharpest one-month drop in more than four years--to a seasonally adjusted annual rate of 1.3 million units, the Commerce Department said today.
The department also revised November’s rise in seasonally adjusted housing completions to a 12.3% increase from the previously reported 10.1% rise.
The department said completions in December, on a seasonally adjusted basis, were down 16.2% from the annual rate of 1.5 million units recorded in the year-ago period.
Completions of single-family homes fell 14.8% in December to a seasonally adjusted annual rate of 916,000 units after rising 8.9% in November.
Completions of multifamily units fell in December by 7.4% to a seasonally adjusted annual rate of 374,000 units after increasing in November by 22.4%.
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