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®.

Continued:

Share this!

Additional Articles

Top master-planned communities for 2024

By AZ Big Media Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2024 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.