Housing starts March 2017

Home building fell in March 2017 largely due to a significant decline in single-family homes in the Midwest.  The decline was 6.8% to an adjusted annual rate of 1.22 million units (an adjusted annual rate is used to smooth out the rate of building during unusually slow or fast months).  February 2017 starts were increased slight to an annual rate of 1.3 million units (seasonally adjusted).

Residential housing

Economist polled anticipated 1.25 million annual unit pace so the 1.22 million rate is a bit softer than expected.  Single Family Residences (SFR) are the largest part of the number; and those units came in at an annual pace of 821,000 units (seasonally adjusted).  Multi Family units dropped to a 394,000 annual pace (seasonally adjusted).  California mortgage rates improved a bit on the news after a lackluster Monday.   Home builders remain optimistic for the coming months after the industry survey shows home builders believe conditions/sales will improve.

Be sure to check out our mobile website on your phone or tablet! We also had some additional mortgage news in terms of expectations for economic growth:

RTRS – U.S. ECONOMY SEEN GROWING 0.5 PCT IN FIRST QUARTER VS +0.5 PCT ESTIMATE APRIL 14 – ATLANTA FED’S GDPNOW

RTRS – FED’S GEORGE, ASKED ABOUT RECENT U.S. CPI INFLATION WEAKNESS, SAYS BEST NOT REACT TO SINGLE DATA POINT