WASHINGTON, DC - A report released this week from the U.S. Department of Housing and Urban Development revealed a jump of almost 30% in housing starts. Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,091,000. This is 22.7% (±13.2%) above the revised October estimate of 889,000, and 29.6% (±19.8%) above the November 2012 rate of 842,000.

Single-family housing starts in November were at a rate of 727,000—20.8% (±10.7%) above the revised October figure of 602,000. The November rate for units in buildings with five units or more was 354,000.

An analysis from Reuters showed that housing start figures were the highest in nearly six years, “a sign of strength in the housing market that could give the Federal Reserve ammunition to start cutting back its bond purchases.”

Last month, Reuters reported that groundbreaking for single-family homes (the largest segment of the market) soared 20.8% to a 727,000-unit pace, the highest level since March 2008. Starts for volatile multi-family homes jumped 26.8% to a 364,000-unit rate.