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Housing <br />Z 1800 <br />c <br />1600 <br />0 <br />1400 <br />1200 <br />3 <br />1000 <br />go :11, <br />v <br />600 <br />s <br />400 <br />0 200 <br />0 <br />Housing Starts <br />P6, <br />1� 7.9 l9 <br />Source: US Department of Commerce <br />94g' j9 �°G19 �Pb�O �d`� O �Gg�O O <br />S&P/Case-Shiller 20 City Composite Home Price Index <br />10.0% <br />9.0 % <br />O.U70 <br />7.0 % <br />c 6.0% <br />f6 <br />5.0% <br />4.0 % <br />0 3.0% <br />2.0 <br />1.0% - <br />0.0% - <br />Source: S&P <br />CC" O <br />✓�,�1 9,°r1 ✓4/ j9 c�1 ✓�'.y�✓4/�O <br />9 9 9 O O O <br />Total housing starts increased 1.2% in November to an annual pace of 1,547,000. Single family starts inched up 0.4% to a very strong annualized <br />rate of 1,186,000, while multi -family starts increased 4.0% to an annualized rate of 361,000. On a year -over -year basis, total housing starts were <br />up 12.8% in November, driven by growth in single-family starts. Meanwhile, permits were up 6.2% on a month -over -month basis in November, <br />to an annualized rate of 1,639,000 (the strongest rate since 2006). According to the Case-Shiller 20-City home price index, home prices were up <br />7.9% year -over -year in October versus up 6.6% year -over -year in September. The housing market has been an area of strength during the <br />pandemic. Very low mortgage rates, solid stock market performance, and a meaningful shift toward working from home are providing strong <br />tailwinds for the housing sector. <br />10 C1® <br />17 <br />