New Construction Falls to Lowest Level Since 2020

New Construction Falls to Lowest Level Since 2020

THE SIGNAL

Real estate agent Kirsten Jordan discusses how falling mortgage rates are stirring housing market demand. New U.S. home construction slumped again in January to the lowest level since 2020 as elevated mortgage rates combined with pervasive inflation continued to cool demand. Housing starts slid 4.5% last month to an annual rate of 1.31 million units, according to new Commerce Department data released on Thursday. That is below Refinitiv economists’ forecast for a pace of 1.35 million units.Applications to build – which measures future construction – were little changed at an annualized rate of 1.34 million units. Permits for the construction of single-family homes, which account for the biggest share of homebu …

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