Construction on new U.S. homes fell a seasonally adjusted 4.5% in January to 1.31 million, the Commerce Department said Thursday.
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The nation might be in the clutches of a dire housing shortage, but builders won’t be putting up enough new homes this year to make much of a dent.
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Construction on new U.S. homes fell a seasonally adjusted 1.4% in December to 1.38 million, the Commerce Department said Thursday.
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The increase in builder confidence breaks a string of 12 straight monthly declines in the NAHB/Wells Fargo Housing Market Index.
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Construction on new U.S. homes fell a seasonally adjusted 0.5% in November to 1.43 million, the Commerce Department said Tuesday.
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New-home permits fell 11.2% month over month, while housing completions jumped 10.8% in what one observer said could have “worrisome” long-term consequences for the nation’s housing supply.
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Construction on new houses fell 4.2% in October as high mortgage rates put off buyers and forced builders to scale back, a situation that’s likely to continue through 2023.
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The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes.
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Construction on new U.S. homes fell a seasonally adjusted 8.1% in September to 1.44 million, the Commerce Department said Wednesday.
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New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.
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