The U.S. Commerce Department released the housing market data on Wednesday. Housing starts in the U.S. rose 4.4% to 1.089 million annualized rate in December from a 1.043 million pace in November, beating expectations for a decrease to 1.040 million. November's figure was revised up from 1.028 million units.

Building permits in the U.S. decreased 1.9% to 1.032 million annualized rate in December from a 1.05 million pace in November, missing expectations for a rise to 1.054 million units. Permits figures have been above a 1 million-unit pace since July 2014.

Starts of single-family homes jumped 7.2% to 728,000 units in December, the highest level since March 2008. Building permits for single-family homes rose 4.5% in December, the highest level since January 2008.

Starts of multifamily buildings declined 0.8% in December. Permits for multi-family housing dropped 11%.8.