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Housing Starts Make Unexpected Move

Home-building activity in April fell short of forecasts in an unexpected move down, with housing starts dipping 2.6 percent to a rate of 1,172,000, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). Single-family housing starts increased 0.4 percent from March to 835,000. Starts for units in buildings with five units or more came in at 328,000.

Permits also posted lower, down 2.5 percent from March to 1,229,000, according to the data. Single-family permits decreased 4.5 percent from March to 789,000. Permits for units in buildings with five units or more came in at 403,000.

Completions totaled 1,106,000 in April, falling 8.6 percent. Single-family completions decreased 4.5 percent from March to 784,000. Completions for units in buildings with five units or more came in at 299,000.

Source: U.S. Census Bureau

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