This was a big week for housing data, with more signs pointing toward demand building. The key question for the housing market will be whether new and existing home supply will follow suit.
New construction starts in December were up 4.4%, inching closer to an annualized rate of 1.1 million, which we have not seen since 2007. The increase was driven by single-family, which is a good early sign that homebuilders are gearing production for greater demand in the spring. The December pace of single-family starts was 728,000 units, the highest number since March 2008.
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