Economic Indicators

U.S. single-family homebuilding rises in April

2023.05.17 11:05


© Reuters.

Investing.com — Single-family housing starts in the U.S. grew in April from a heavily lowered level in the prior month, suggesting an uneven recovery in the property market even as a decline in mortgage rates tempts potential homebuyers.

According to data from the Commerce Department on Wednesday, single-family housing starts during the month increased to a seasonally-adjusted annual rate of 846,000 units, a jump of 1.6% compared to the downwardly revised March figure of 833,000. Housing starts typically make up a large portion of homebuilding.

Authorizations for the construction of single-family properties, meanwhile, advanced by 3.1% month-on-month to a rate of 855,000 units in April.

Hopes that the will push pause on a recent campaign of interest rate hikes have helped to bring mortgage rates down from peaks touched in late 2022. The average rate on the popular 30-year fixed mortgage came in at 6.35% last week, according to data from mortgage finance agency Freddie Mac cited by Reuters, below the high of 7.08% reached last November.

Economists have suggested that the cooling in mortgage rates has contributed to more homebuyers choosing to venture once again into the real estate market. However, credit conditions have tightened in the wake of March’s turmoil in regional banks, which could weigh on the ability of homebuilders to finance upcoming projects.

On an overall basis, which factors in construction projects for buildings with five units or more, edged up 2.2% versus the prior month to , while dipped by 1.5% to .

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 102,563.48 1.58%
ethereum
Ethereum (ETH) $ 2,480.94 1.06%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.53 6.85%
bnb
BNB (BNB) $ 661.49 1.56%
solana
Solana (SOL) $ 172.49 0.13%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.228508 0.83%
cardano
Cardano (ADA) $ 0.814205 1.08%
tron
TRON (TRX) $ 0.274233 3.68%
staked-ether
Lido Staked Ether (STETH) $ 2,477.55 1.11%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 102,493.46 1.60%
sui
Sui (SUI) $ 3.94 1.78%
chainlink
Chainlink (LINK) $ 16.66 1.61%
avalanche-2
Avalanche (AVAX) $ 24.78 0.69%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,982.62 1.19%
stellar
Stellar (XLM) $ 0.314529 2.34%
shiba-inu
Shiba Inu (SHIB) $ 0.000016 1.57%
hedera-hashgraph
Hedera (HBAR) $ 0.215377 4.63%
the-open-network
Toncoin (TON) $ 3.33 0.85%
pi-network
Pi Network (PI) $ 1.15 3.33%
hyperliquid
Hyperliquid (HYPE) $ 24.58 0.96%
bitcoin-cash
Bitcoin Cash (BCH) $ 411.47 0.62%
leo-token
LEO Token (LEO) $ 8.55 2.13%
polkadot
Polkadot (DOT) $ 5.10 0.21%
litecoin
Litecoin (LTC) $ 102.07 2.20%
usds
USDS (USDS) $ 1.00 0.01%
weth
WETH (WETH) $ 2,480.36 1.32%
monero
Monero (XMR) $ 336.56 0.12%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,647.92 1.17%
pepe
Pepe (PEPE) $ 0.000014 0.95%
bitget-token
Bitget Token (BGB) $ 4.75 2.35%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.01%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 102,581.48 1.63%
whitebit
WhiteBIT Coin (WBT) $ 30.23 0.30%
uniswap
Uniswap (UNI) $ 6.89 0.39%
bittensor
Bittensor (TAO) $ 452.62 0.20%
near
NEAR Protocol (NEAR) $ 3.17 1.27%
aptos
Aptos (APT) $ 5.84 0.83%
dai
Dai (DAI) $ 1.00 0.01%
aave
Aave (AAVE) $ 220.62 0.40%
okb
OKB (OKB) $ 54.55 0.81%
ondo-finance
Ondo (ONDO) $ 1.03 0.40%
internet-computer
Internet Computer (ICP) $ 5.77 0.62%
ethereum-classic
Ethereum Classic (ETC) $ 19.74 0.59%
kaspa
Kaspa (KAS) $ 0.114312 2.13%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.100685 2.37%
tokenize-xchange
Tokenize Xchange (TKX) $ 34.34 0.43%