U.S. housing starts fell in March. Although the number of single-family housing starts increased, there was a large decrease in housing complexes, pushing down the overall figure.
| Key Point |
|---|
|
Multi-family construction starts fell 5.9% in March, while single-family housing starts rose 2.7%, the highest level in three months.
Upper row: Trends in overall housing starts Lower row: Rate of change in single-family housing starts
Source: U.S. Census Bureau, Department of Housing and Urban Development
While rising borrowing costs have put many prospective buyers on the sidelines, the rise in single-family home starts may reflect builders’ efforts to stimulate demand. But the housing industry is also facing headwinds from tougher lending standards and persistently high mortgage rates.
The number of construction permits also decreased for collective housing. Single-family homes, on the other hand, rose to their highest level in five months.
The number of completed construction decreased by 0.6% to 1.54 million units. Single-family homes under construction fell to levels not seen since August 2021, suggesting inventory will take time to build.
See table for detailed statistics.
Original title:US Housing Starts Decline, Dragged Down by Multifamily Units(excerpt)
(Add and update stat details)