Regionally, activity remained even in the Northeast, with declines of 19% in the Midwest, 9.4% in the South and 11% in the West.
Building permits, often a reliable harbinger of building activity to come, remained in good shape, with a small climb to a solid annual rate of 1.79 million units.
“Given the strong permit numbers we are seeing, the tight inventory situation, healthy house-price performance and especially the favorable interest-rate picture, home builders are in good position to pick up the pace of housing production as today's economic and political uncertainties head toward resolution,” said Seiders.
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