Single-family activity up amidst record lows

Real estate brief

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The U.S. Census Bureau and U.S. Department of Housing and Urban Development reported that single-family construction activity picked up in April compared to March, though the overall rate slumped to the lowest level on record due to a major slowdown in apartment construction.

The seasonally adjusted annual rate of housing starts fell 12.8 percent in April, to 458,000 units — this rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal variation in construction activity.