Housing starts rose 2.2% in April to a seasonally adjusted annual rate of 1.401 million units, according to Reuters. Economists expected starts to fall to a rate of 1.4 million units; the March rate was revised from 1.432 million units to 1.317 million units.
Applications for building permits, a good indication of future activity, fell 1.5% to 1.416 million units in April.
Single-family housing starts rose 1.6% to a rate of 846,000 units, and multifamily starts rose 5.2% to a rate of 542,000 units. Building permits for single-family homes climbed 3.1% to a rate of 855,000 units, and permits for multifamily homes fell 9.7% to a rate of 502,000.
The number of houses approved for construction that are yet to be started fell 1% to 290,000 units.
Additionally, the rate on the 30-year fixed mortgage declined from a peak of 7.08% in early November 2022 to 6.35% during the week of May 8.
