US Housing Market Faces Challenges in March

The US Census Bureau's latest report highlights a significant 11.4% drop in housing starts for March, with figures settling at 1,324,000. Despite this monthly decline, there's a slight year-on-year increase of 1.9%, showcasing the market's unpredictable nature.

Single-Family Housing Starts Take a Hit

Single-family housing starts weren't spared, experiencing a 14.2% decrease to 940,000. This segment's volatility raises questions about future stability and growth prospects.

Building Permits Show Mixed Signals

Building permits offered a glimmer of hope, rising by 1.6% to 1,482,000 compared to February's revised rate. However, they were 0.2% lower than March 2024's figures, with single-family permits dropping by 2.0% to 978,000.

Housing Completions: A Silver Lining

On a brighter note, housing completions reached 1,549,000, down 2.1% from February but up 3.9% annually. Single-family completions also saw a modest 0.9% increase to 1,029,000, indicating some areas of resilience within the market.