Fewer new homes in pipeline push up prices

REALTORMag

Nationwide housing starts dropped in March, despite continued high buyer demand, which is adding pressure to overall home prices.

Housing starts for single-family and multifamily homes dropped 6.8 percent in March to a seasonally adjusted annual rate of 1.22 million units, the Commerce Department reported Tuesday. Broken out, single-family production plunged 6.2 percent to an annual rate of 821,000 units in March month over month, following a strong February reading. Multifamily starts dropped 7.9 percent to an annual pace of 394,000.

The constraint in new-home construction is proving a big challenge for the overall housing market, says Lawrence Yun, the chief economist for the National Association of REALTORS®.

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