Industry News Market Update Real Estate Trends

New Home Construction Slowly Increases

Photo: istock

Kelsey Ramirez | Housingwire.com

New home construction increased slightly in April, but a drop in the multifamily sector caused housing starts to fall, according to the latest report from the U.S. Census Bureau.

Privately owned housing starts decreased in April to a seasonally adjusted annual rate of 1.29 million, down 3.7% from March’s 1.37 million. However, this is still up 10.5% from the annual rate of 1.17 million in April 2017.

But the decrease from March to April was driven by a fall in the multifamily sector. Single-family housing starts increased 0.1% month-over-month to a rate of 894,000, up from 893,000 in March.

Read the rest of the article: New Home Construction Slowly Gains Ground

Related posts

CEO and Chairman J. Lennox Scott ranks 7th in SP200 Power Brokers!

jlspr

John L. Scott Real Estate names new Director of Luxury Marketing

jlspr

Winter real estate outlook

jlspr