US Housing Market Faces a Setback in March

In a surprising turn of events, the US Census Bureau reported an 11.4% monthly drop in housing starts this March, totaling 1,324,000. Despite this decline, there's a silver lining with a 1.9% increase compared to the previous year. Single-family housing starts weren't spared, experiencing a 14.2% decrease from February.

Building Permits Show Mixed Signals

Building permits offered a glimmer of hope, rising by 1.6% from February's revised figures to 1,482,000. However, they still fell short by 0.2% when compared to March 2024. The story for single-family permits was less optimistic, witnessing a 2.0% monthly decline to 978,000.

Housing Completions Tell a Different Tale

March's housing completions painted a slightly brighter picture, standing at 1,549,000. This marks a 2.1% dip from February but a 3.9% annual increase. Single-family completions saw a modest 0.9% rise, reaching 1,029,000.