In April, privately-owned housing units authorized by building permits saw a significant decline to an annual rate of 1,412,000, 4.7% lower than March. Single-family housing authorizations also dropped to 922,000, a troubling sign amid high interest rates and ongoing uncertainties. Housing starts were slightly better at 1,361,000 but still reflect a downturn compared to the previous year. These trends, coupled with record-high backlogs and pessimistic builder sentiments, raise concerns about future housing production, especially if mortgage rates continue to increase.
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,412,000, which showcases a significant decline from previous months.
Single-family authorizations in April were at a rate of 922,000, representing a notable drop as economic factors like interest rates complicate home construction efforts.
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