{"id":4897,"date":"2024-03-19T21:58:24","date_gmt":"2024-03-19T21:58:24","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/19\/housing-starts-rebound-in-february-by-largest-amount-in-nine-months\/"},"modified":"2024-03-19T21:58:24","modified_gmt":"2024-03-19T21:58:24","slug":"housing-starts-rebound-in-february-by-largest-amount-in-nine-months","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/19\/housing-starts-rebound-in-february-by-largest-amount-in-nine-months\/","title":{"rendered":"Housing Starts Rebound in February by Largest Amount in Nine Months"},"content":{"rendered":"

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David Paul Morris\/Bloomberg via Getty Images<\/p>\n

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The numbers:<\/strong> Construction of new U.S. homes rebounded 10.7% in February to an annual pace of 1.52 million units, the Commerce Department said Tuesday.\u00a0That is the biggest gain in nine months. Despite the increase, starts are still below December\u2019s level.<\/p>\n

Economists on Wall Street were expecting a 7.4% rise in housing starts in February to 1.43 million. All numbers are seasonally adjusted.<\/p>\n

The number of housing starts in January was revised slightly higher, to a drop of 12.3% to 1.37 million, from an initial reading of a 14.8%\u00a0drop to 1.33 million.\u00a0It is still the biggest drop since May 2022.<\/p>\n

Building permits, a sign of future construction, rose 1.9% in February, also reaching a 1.52 million annual rate. That\u2019s the highest level since August.<\/p>\n

Economists expected a 1.4% increase to 1.49 million in February.<\/p>\n

Building permits in January were revised to a fall of 0.3% to 1.49 million, from the initial estimate of a 1.5% drop to 1.4.7 million.<\/p>\n

Key details:<\/strong>\u00a0The construction pace of single-family homes rose by 11.6% in February, and apartment-building construction rose by 8.6%.<\/p>\n

Home builders ramped up single-family home construction in the Midwest and South.<\/p>\n

Permits for single-family homes rose 1% in February, while permits for buildings with at least five units or more rose 2.4%.<\/p>\n

Big picture:<\/strong>\u00a0Housing starts are notoriously volatile. Economists blamed severe winter weather for the big drop in January.<\/p>\n

On Monday, the NAHB index of homebuilder sentiment moved into positive territory in March for the first time since July 2023. This should support single-family starts.<\/p>\n

Looking ahead:<\/strong> \u201cOver the next two years we\u2019re forecasting very different paths for single and multi-family construction,\u201d Thomas Ryan, economist at Capital Economics, said in a note to clients.<\/p>\n

\u201cWe think single-family starts will benefit from the lack of second-hand homes on the market, which shifts demand to new builds. But that strength will be offset by weakness in the multi-family starts, leaving total housing starts not much higher,\u201d he added.<\/p>\n

Market reaction:<\/strong> Stocks were set to open lower on Tuesday. The 10-year Treasury note yield\u00a0fell to 4.311% in early trading.<\/p>\n

MarketWatch, the place where you can find the latest stock market, financial and business news. Cryptocurrency<\/a> is trending now, get the latest info on Bitcoin<\/a>, Ethereum<\/a>, and XRP<\/a>.<\/em><\/p>\n

The post Housing Starts Rebound in February by Largest Amount in Nine Months<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

David Paul Morris\/Bloomberg via Getty Images The numbers: Construction of new U.S. homes rebounded 10.7% in February to an annual pace of 1.52 million units, the Commerce Department said Tuesday.\u00a0That is the biggest gain in nine months. Despite the increase, starts are still below December\u2019s level. Economists on Wall Street were expecting a 7.4% rise…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4897"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4897\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4898"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4897"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}