Single-family construction surged in November as lower mortgage rates helped to assuage affordability concerns and unleash pent-up demand for housing. Overall housing starts increased 14.8% in November to a seasonally adjusted annual rate of 1.56 million units. …The November reading of 1.56 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 18% to a 1.14 million seasonally adjusted annual rate. However, single-family starts are down 7.2% year-to-date. The multifamily sector, which includes apartment buildings and condos, increased 6.9% to an annualized 417,000 pace. Lower interest rates and a lack of resale inventory helped to provide a strong boost for new home construction in November. …Overall permits decreased 2.5% to a 1.46 million unit annualized rate in November. Single-family permits increased 0.7% to a 976,000 unit rate. However, single-family permits are down 8.4% year-to-date. Multifamily permits decreased 8.5% to an annualized 484,000 pace.