Single-family starts increased 11.4% from January to February to a 1.11 million seasonally adjusted annual rate, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Single-family permits decreased 0.2% in February to a 992,000-unit rate and were down 3.4% compared to February 2024.
The number of single-family homes under construction in February was down 6.7% from February 2024, at 640,000 homes.
“While solid demand and a lack of existing inventory provided a boost to single-family production in February, our latest builder survey shows that builders remain concerned about challenging housing affordability conditions, most notably elevated financing and construction costs as well as tariffs on key building materials,” National Association of Home Builders Chairman Buddy Hughes said in a statement.
Read the full report here.
