Despite higher interest rates last month, new home sales rose in March due to limited inventory of existing homes. However, the pace of new home sales will be under pressure in April as mortgage rates moved above 7% this month, which is expected to moderate sales and increase the use of builder sales incentives this spring.
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Housing Starts Fall on Interest Rate, Financing Concerns
Housing starts fell in March with interest rates somewhat higher than expected last month as the latest inflation readings failed to show improvement. Builders are also still facing higher supply-side costs and tighter lending conditions.
Read MoreInterest Rates, Demand Push Single-Family Starts Higher
Pent-up demand, moderating interest rates and a lack of existing inventory helped push single-family starts in February to their highest level since April 2022. Overall housing starts increased 10.7% in February to a seasonally adjusted annual rate of 1.52 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The…
Read MoreHousing Starts Decline in January on Multifamily Weakness
A sharp decline in multifamily starts pushed overall housing starts down in January even as single-family production showed signs of a gradual improvement later this year as interest rates continue to moderate.
Read MoreSingle-Family Starts Down in December but Post Solid Showing
In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December.
Read MoreSingle-Family Starts Surge on Falling Interest Rates
Single-family construction surged in November as lower mortgage rates helped to assuage affordability concerns and unleash pent-up demand for housing.
Read MoreSingle-Family Starts Flat in October
Single-family construction held steady in October as high mortgage rates depressed demand but more buyers turned to new homes because of a lack of existing inventory. Overall housing starts increased 1.9% in October to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census…
Read MoreNew Home Sales Weaken in October
Elevated mortgage rates that averaged 7.62% in October per Freddie Mac, the highest rate since 2000, depressed buyer demand and pushed down new home sales in October. Sales of newly built, single-family homes in October fell 5.6% to a 679,000 seasonally adjusted annual rate, following a notable downward revision in September, according to newly released data by the U.S. Department…
Read MoreSingle-Family Starts Post Unexpected Gain in September
Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market. Overall housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to a report from the U.S. Department of Housing…
Read MoreNew Home Sales Weaken in August on Higher Mortgage Rates
Sales of newly built, single-family homes in August fell 8.7% to a 675,000 seasonally adjusted annual rate from an upwardly revised reading in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in August was up 5.8% from a year ago.
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