Market Updates
Housing Permits and Construction Activities Eased In March
Brian Turner
16 Apr, 2024
New York City
Rising mortgage rates and elevated home prices negatively impacted housing market activities in March.
Housing permits, starts, and completions fell in the month as buyers struggled with affordability issues.
Housing starts declined 14.7% to a seasonally adjusted annual rate of 1.32 million, permits declined 4.3% to an annual rate of 1.46 million, and completions decreased 13.5% to an annual pace of 1.47 million from the previous month, respectively.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the residential construction update.
A year ago, building permits increased by 1.5%, housing starts declined by 4.3%, and completions fell by 3.9%.
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