Housing starts fell 14.7% to 1.321 million units in March, with wet weather likely contributing to the decline, according to Reuters. Economists expected starts to decrease to 1.487 million units.
Applications for building permits, a good indication of future activity, fell 4.3% to 1.458 million units in March.
Single-family housing starts fell 12.4% to a rate of 1.022 million units. Multifamily starts plunged 20.8% to a rate of 290,000 units. Building permits for single-family homes fell 5.7% to a rate of 973,000 units, and permits for multifamily homes were unchanged at a rate of 433,000 units.
The number of houses approved for construction that were yet to be started rose 0.7% to 273,000 units in March. The completion rate for that housing segment declined 10.5% to 947,000 units, indicating supply could remain low and keep prices elevated.
