Housing starts increased 3. Data for October was revised down to show starts dropping to a rate of 1.
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Building permits increased 5. Economists polled by Reuters had forecast housing starts slipping to a pace of 1.
The housing market is being constrained by higher mortgage rates as well as land and labor shortages, which have led to tight inventories. While house price inflation has slowed, it continues to outpace wage growth, sidelining some first-time homebuyers.
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Continued housing market weakness could be flagging a slowdown in the overall economy. Residential investment contracted in the first three quarters of this year, the longest stretch since mid Homebuilding investment is expected to have declined again in the fourth quarter. Economists believe the soft patch will persist through the first half of as the sector continues to adjust to higher mortgage rates. The year fixed mortgage rate has increased more than 60 basis points this year to about 4.
With the Federal Reserve expected to raise interest rates on Wednesday for the fourth time this year, mortgage rates are likely to remain high. Recent production declines are clear in the current estimates of units under production.
Single-Family Starts Weak, Especially in the West | Eye On Housing
As of March , there were , single-family homes under construction. While this is 4. The combination of these declines in current construction activity are seen clearly in the graph below, with declines for total housing under construction for all of Single-family home starts continue to be weak, but forecasts suggest stabilization followed by slight gains in the future.
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