Housing starts beat expectations in March, rising 7% to an annualized level of 1.03 million. Multifamily starts were up 30%.
This beat expectations for a 1.4% rise to an annualized level of 930,000.
Permits fell 3.9%. This missed expectations for 0.3% rise to an annualized level of 942,000.
Homebuilder confidence fell to 42 in April, and builders cited “difficulties in obtaining construction credit, overly restrictive mortgage lending rules.”
Investors watch this data because it is a key insight into the demand for homes.
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