- Join the Conversation
- Front Page
- Ending a Federal Role for Housing Finance Would Destabilize Market, Congress Told
- Floor Plans: Modular Interpretation Brings Colonial-Era Farmhouse Into 21st Century
- An Open Mind and Industry Support Keep Five Builders Very Much Alive
- Glass Products React to Heat and Light, Provide New Designs and Textures
- Layouts for Living
- Coast to Coast
- Politics and Government
- Economics and Finance
- New-Home Sales Rise 7.3% in April as Inventory Dwindles
- Housing Starts Fall 10.6% in April as Consumers Remain Reticent
- Housing Affordability at Record Level, But Tight Financing Constrains Sales
- Analysts Advocate Less Federal Support for Housing, More to Overhaul U.S. Economy
- Eye on the Economy: Housing Market Continues to Disappoint
- Useful Links to Monitor Economic and Housing Trends
- Tips and Techniques
- Membership
- Disaster Relief
- Multifamily Housing
- Small Builders and Remodelers
- Sales and Marketing
- Commercial Building
- Upcoming Webinars
- Education
- Codes and Standards
- Green Building
- Safety
- Legal Issues
- National Housing Endowment
- Association News
- NAHB Career Center
The Official Online Newspaper of NAHB
Nationwide housing starts fell 10.6% in April to a seasonally adjusted annual rate of 523,000 units, according to figures from the U.S. Commerce Department released on May 17.
"While mortgage rates are low and house prices are as affordable as they've been in a generation, the decline in April's housing starts is indicative of the low level of confidence that consumers have in the housing market," said NAHB Chairman Bob Nielsen.
"Consumers have not yet reached a level of confidence that is strong enough to begin lifting the housing market," said NAHB Chief Economist David Crowe.
"The fundamentals — such as economic growth and employment — are beginning to shape up and will eventually provide enough momentum to push housing forward at a healthy pace,” Crowe said.
“But until then, builders are unwilling to move forward,” he said. “The issuance of housing permits, an indication of future housing activity, has remained at about the same level as the first quarter of the year."
Single-family starts declined 5.1% to a seasonally adjusted annual rate of 394,000 units in April.
Multifamily starts — which tend to display greater volatility on a month-to-month basis — fell 24.1% to a rate of 129,000 units after jumping 30.8% the month before.
Regionally, starts declined 4.8% in the Northeast and 23.0% in the South but increased 15.7% in the Midwest and 3.7% in the West.
Total permit issuance for new homes in April dropped 4.0% to 551,000 units. Single-family permits dropped 1.8% to 385,000 units and multifamily permits declined 8.8% to 166,000 units.
Regionally, permit issuance was unchanged in the Northeast and declined 5.3% in the Midwest, 5.7% in the South and 0.8% in the West.
Subscribe to the Free Eye on Housing Blog
For in-depth analysis of the latest housing statistics and research from the federal government, NAHB and other sources, Eye on the Economy readers are encouraged to visit Eye on Housing at http://eyeonhousing.wordpress.com/.
They can also subscribe to the blog’s free RSS feed, which will automatically alert them to every new posting.
Data You Can Build On
Get historical data, industry analysis and the latest forecasts, including state and metro, from HousingEconomics.com. Support your business decisions with in-depth analyses, detailed Excel tables, overviews and more. For more information, visit HousingEconomics.com.
