U.S. home building drops to near two-year low in March, with building permits weak GlobeBusiness
U.S. home building dropped to a near two-year low in March, pulled down by persistent weakness in the single-family housing segment, suggesting the housing market continued to struggle despite declining mortgage rates.
Building permits fell 1.7 per cent to a rate of 1.269 million units in March, the lowest in five months. Building permits have now declined for three straight month. Permits for single-family housing dropped to a more than 1-1/2-year low in March, a bad omen for starts in the coming months. A survey on Tuesday showed that though builders reported strong demand for new homes, they continued to highlight “affordability concerns stemming from a chronic shortage of construction workers and buildable lots.”The 30-year fixed mortgage rate has dropped from a peak of about 4.94 per cent in November to around 4.12 per cent, according to data from mortgage finance agency Freddie Mac.
Single-family home building, which accounts for the largest share of the housing market, dropped 0.4 per cent to a rate of 785,000 units in March, the lowest level since September 2016.
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