New residential construction made progress in completions but largely fell short on starts and permits, according to new data released Wednesday by the US Census Bureau and HUD
Builders are navigating a complex mix of elevated costs, rising mortgage rates and waning consumer confidence, which is weighing heavily on the market
Multifamily housing starts fell 9.8%, reaching a seasonally adjusted rate of 1,366,000, while single-family housing starts fell 8.4% month over month, according to data released Wednesday
High mortgage rates, slower homebuyer activity and weakening homebuilder sentiments created the perfect storm in June, keeping new residential construction from posting annual gains
Privately owned housing starts beat expectations in August while single-family starts declined by nearly 3%, according to data issued Tuesday by the US Census Bureau
The increase in housing starts is a welcome gift, but experts say builders aren't yet betting recent improvements in materials costs are here to stay for the long term
The jump in new construction should slow home price growth, says NAR chief economist Lawrence Yun
This is the biggest leap in years and could indicate an inventory increase coming soon
Trulia's chief economist says monthly starts are about 20 percent below historical averages