April Housing Starts at Highest Rate Since November 2007

Housing starts nationwide rose 20.2 percent to a seasonally adjusted annual rate of 1.135 million units in April from March’s rate of 926,000 units, according to the U.S. Census Bureau.

This is the highest level of housing production since November 2007, according to the National Association of Home Builders.

Single-family housing starts increased 16.7 percent to a seasonally adjusted annual rate of 733,000 in April, and multifamily starts increased 27.2 percent to 402,000.

Three of the four regions saw their combined single- and multifamily starts rise. The Northeast posted an 85.9 percent gain, the Midwest experienced a 27.8 percent increase and the West increased 39 percent. Housing production in the South decreased 1.8 percent.

"The April gains make up for the production dips we saw in the past two months, but single-family housing is still only about halfway back to what could be considered a normal market," said NAHB Chief Economist David Crowe in a statement. "With low interest rates and affordable home prices, we expect more upward momentum in the months ahead."