Market Updates
Housing Permits, Starts, and Completions Rise In February
Brian Turner
19 Mar, 2024
New York City
U.S. housing starts and permits increased in February, the Commerce Department reported Tuesday.
Low home inventories are forcing more and more buyers to buy new homes as buyers struggle with elevated mortgage rates and home affordability.
Seasonally adjusted privately owned housing starts rose to 1.521 million, an increase of 10.7% from January and 5.9% from a year ago.
Single-family housing starts in February were at a rate of 1.129 million, an increase of 11.6% above the revised January level of 1.01 million. T
Building permits increased 1.9% from the previous month and 2.4% from a year ago to a total of 1.518 million.
Single-family authorizations in February totaled 1.031 million, an increase of 1.0% above the revised January level of 1.021 million.
Authorizations of multi-family buildings with five units or more were at a rate of 429,000 in February.
Housing completions surged 19.7% from January and increased 9.7% from a year ago to 1.73 million.
Single-family housing completions in February totaled 1,072,000, an increase of 20.2% above the revised January rate of 892,000.
The February rate for completions of buildings with multi-family units was 644,000.
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