U.S. housing starts fall to near to two-year low; permits weak
WASHINGTON - U.S. homebuilding dropped to a near two-year low in March, pulled down by persistent weakness in the single-family housing segment, suggesting the housing market continued to struggle despite declining mortgage rates.
Housing starts fell 0.3 percent to a seasonally adjusted annual rate of 1.139 million units last month, the lowest level since May 2017. Data for February was revised down to show homebuilding tumbling to a pace of 1.142 million units instead of the previously reported 1.162 million-unit rate. Economists polled by Reuters had forecast housing starts increasing to a pace of 1.230 million units in March.
The housing market hit a soft patch last year, with investment in homebuilding contracting 0.3 percent, the weakest performance since 2010. After stumbling at the turn of the year, other sectors of the economy are regaining momentum. Single-family homebuilding, which accounts for the largest share of the housing market, dropped 0.4 percent to a rate of 785,000 units in March, the lowest level since September 2016.
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