US Census Bureau: New home constructions fell in November

Home building pulled back again in November.

CNN— Home building pulled back again in November. The US Census Bureau says November housing starts, a measure of new home construction, dropped half a percent from October, and were down 16.4% from a year ago.

Building permits, which track the number of new housing units granted permits, also fell in November.

They were down 11.2 % from October, and down 22.4% from a year ago. The slump came as buyers faced spiking mortgage rates topping 7% that make homes increasingly unaffordable and despite rates falling slightly through the month.