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Residential Construction Jumps in August as Mortgage Rate Drops Promise a Lift in Sales

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A prime example of residential construction - a home being built

The latest data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development showed that residential construction (housing starts) took off in August with high single-digit overall and even double-digit upside gains in the single-family construction segment. Many industry observers attributed the upturn to now more optimistic builders looking to take advantage of improving housing affordability with mortgage rates declining. Many builders believe this will stimulate a big upturn in sales.

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After a Hopeful February, March Housing Starts Drop Double-Digit Percentage

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This is a new home; housing starts declined in March

Residential construction, known as housing starts, dropped in March by a surprising double-digit percentage. Most industry analysts believe that the slowdown is due to stubborn inflation readings motivating the Fed to keep interest rates high which is affecting mortgage rates and home affordability.

After solid gains in February raised hopes in the segment, the March numbers were a chilling splash of reality as home inventory is low and mortgage rates are high.

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Home Construction Looks to Rebound in 2024; Housing Starts & Builder Sentiment Up

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home construction looks to be picking up steam in 2024

The overall housing market has been an economic laggard as the country has seen its economy rebound in the post-pandemic era. The reason for this is primarily due to an unusual combination of high interest rates AND high home prices AND limited available inventory of homes for sale. It is a triple witching that has bedeviled the housing industry in the post-pandemic era.

But is housing about to turn up?

See how the latest housing starts data is a positive sign for home construction

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November Housing Starts Leap 15% as Lower Interest Rates Fuel Construction

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photo of a home being constructed

The latest data on residential construction, a government reading known as housing starts, took a surprising jump in November according to the recently released information from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Housing starts jumped an impressive 14.8% in November as compared to the revised October reading – a huge statistical leap.

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October Housing Starts Show a Surprise Upturn in Construction; But Builder Confidence Declines

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This completed home was once a housing start

Is this the beginning of a new trend? After a notable jump in September, which some suggested may have been a bit of a fluke, residential construction – known as housing starts – actually surprised some industry analysts by jumping again in October. And while the amount of increase was more modest, that there was another month of increase may indicate the beginning of a new trend. Yet other data calls into question just where residential construction is heading. Read on to see that data…

See more on housing starts in October & declining homebuilder confidence

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After Sliding in August, Residential Construction Recovers with Housing Starts Up in September

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Photo of residential construction shows housing starts in a neighborhood being built
[Photo: Reuters]

In new data released Wednesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, residential construction – otherwise known as housing starts – returned to growth again, after registering a concerning double-digit decline in August. However, most analysts believe housing will continue to be challenged by a combination of high prices and high interest rates combining to make housing unaffordable for most buyers.

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August Housing Starts Hit Lowest Level in Three Years

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Homebuilder Sentiment Drops for First Time in Seven Months

Yet another sign of the struggling housing industry as climbing mortgage rates and historically high home prices combine to drop new residential construction – known as housing starts – to their lowest level in three years. Both single-family housing starts and overall housing starts, which includes multi-family dwellings, saw significant declines in August.

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Single-Family Starts in Nov Hit 2-1/2 Year Low

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single-family housing starts declined

Residential construction of new homes – known as housing starts – continues to register monthly declines as a combination of still-high home prices along with rapidly rising mortgage rates results in collapsing home affordability. While economists continue to debate if and when the U.S. economy enters a recession – it’s clear that housing overall, and the home building segment specifically – is already there.

See the latest data on single-family starts…

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September Housing Starts Continue to Drop

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Housing starts drop in September

The latest data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly show that housing starts – a measure of residential construction activity – continue its downward spiral, dropping in September to a rate of 1.4 million units, below economists’ forecast. Single-family housing starts hit their lowest level in more than two years as a slowing economy and sky-high mortgage rates depress demand for housing.

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July Housing Starts Hit Lowest Level Since February 2021

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housing starts measure new homes like this one being built

In the latest data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, we learn that overall housing starts have hit their lowest level since February 2021 as climbing mortgage rates combined with still-high housing prices have made homes unaffordable for many Americans. The same report also notes that building permits have declined as well, suggesting housing will remain in decline for some time to come.

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