US home building slides 3.7 percent in April

WASHINGTON — U.S. builders broke ground on fewer apartment buildings last month, pushing overall home construction down 3.7 percent from March.

The Commerce Department said Wednesday that housing starts fell to a seasonally adjusted annual rate of 1.29 million in April, lowest since December. Apartment construction tumbled 12.6 percent to 374,000. Construction of single-family homes blipped up 0.1 percent to 894,000.

Still, housing starts are up 10.5 percent from April 2017 on a 7.2 percent increase in single-family homes, and a 19.1 percent surge in apartments.

Home construction has grown steadily since the housing crash hit bottom in 2012. The pace of homebuilding is still below its long-run average of about 1.5 million a year, which has led to a shortage of homes on the market. Millennials are increasingly moving out on their own to buy their own homes.

Demand for housing is strong despite an uptick in mortgage rates: The rate on the benchmark 30-year, fixed-rate home loan is 4.55 percent, up from 4.05 percent a year ago.

In April, housing starts fell 16.3 percent in the Midwest, 12 percent in the West and 8.1 percent in the Northeast. They rose 6.4 percent in the South.

Building permits, an indicator of future construction, fell 1.8 percent in April to a seasonally adjusted 1.35 million.

You may also like these

France, Australia call on China to observe rules

May 2, 2018

French President Emmanuel Macron and Australian Prime Minister Malcolm Turnbull have issued a...

China ambassador urges Australia against 'bias...

Jun 19, 2018

China's ambassador to Australia says the strained diplomatic relationship between the two countries...

Usain Bolt to make run at pro soccer in Australia

Jul 17, 2018

Trading spikes for boots, Usain Bolt ready to make run at pro soccer in Australia

Prince Harry opens memorial as royal tour...

Oct 20, 2018

Prince Harry has paid tribute to Australian servicemen and women by opening a new wing of a war...

Business groups appeal to China over...

Aug 12, 2016

A coalition of 46 business groups from the United States, Europe and Asia has appealed to China to...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!