The Census Bureau, Washington, D.C., reported that privately owned housing starts in January were at a seasonally adjusted annual rate of 1,518,000, 1.9% above the revised January estimate.
Permits were also up 1.9% in February.
“While new home sales remained flat in February, our latest home builder surveys show increased levels of confidence driven by the ongoing lean levels of existing home inventory,” says Carl Harris, chairman of the National Association of Home Builders and a custom home builder from Wichita, Kansas. “As interest rates subside over the course of 2024, additional home buyers will be priced into the market and new construction will be needed to meet this demand.”
