"March Sees Sharp Decline in US New Home Construction Amid Housing Shortage"
TL;DR
Single-family home construction in the US plunged in March, with new construction affected by a shortage of previously owned houses for sale and a resurgence in mortgage rates. The Commerce Department's report revealed a 12.4% drop in single-family housing starts, with permits for future construction also declining. The housing market's recovery appears to be losing steam, and economists are uncertain about potential rate cuts by the Federal Reserve. Overall housing starts plummeted 14.7%, the biggest drop since April 2020, indicating a setback in the housing market.
Topics:businesseconomy#construction#economy#federal-reserve#homebuilding#housing-market#mortgage-rates
- Single-family new home construction plunges in huge housing market setback New York Post
- New-home construction posts biggest drop in four years, despite housing shortage MarketWatch
- US homebuilding takes a step back; manufacturing turning the corner Reuters
- Construction of new homes falls sharply in March Yahoo Finance
- Home Sales Likely Weakened in March, Economists Expect Barron's
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