Market Updates
Higher Rates and Prices Weigh On Housing Market
Brian Turner
17 May, 2023
New York City
Housing starts advanced 2.2%, building permits declined 1.5% and completions dropped 10.4% in April, the U.S. Census Bureau reported Wednesday.
Seasonally adjusted building permits increased to an annual rate of 1.416 million, housing starts to 1.401 million and completions to 1.375 million.
Building permits declined 21.1%, starts fell 22.3% and completions rose 1% from a year ago.
Higher home price and elevated mortgage rates continue to weigh on the housing market.
Single-family housing permits increased 3.1% to 855,000 units, housing starts rose 1.6% to 846,000 and housing completions fell 6.5% to 971,000.
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