Mixed Market: Housing Starts Slide, but Permits Surge

Housing starts slid 5.8 percent in March to a seasonally adjusted annual rate of 654,000 units, but building permits jumped 4.5 percent compared to February – shedding some hope on the long-struggling housing market.
Permits for future construction rose to their highest level in 3 1/2 years.
Housing starts may have declined on a month-to-month basis, but are 10.3 percent above the March 2011 rate of 593,000, the Commerce Department said.
Privately owned housing completions in March were at a seasonally adjusted annual rate of 600,000. This is 4.2 percent above the revised February estimate of 576,000.
Economists polled by Reuters had projected housing starts at a 705,000-unit rate.
Home builders’ confidence in the market for new, single-family homes declined for the first time in seven months in April, reported the National Association of Home Builders yesterday.

Leave a Reply

Your email address will not be published. Required fields are marked *