Single‐family housing starts in April were at a rate of 846,000, a 1.6% increase from the revised March figure of 833,000, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1.4 million, up 2.2% from the revised March estimate of 1.37 million but also 22.3% below the April 2022 rate of 1.8 million.
Single‐family housing completions in April were at a rate of 971,000, which is 6.5% below the revised March rate of 1.03 million. Privately‐owned housing completions in April were at a seasonally adjusted annual rate of 1.37 million, which is 10.4% below the revised March estimate of 1.5 million but is also 1% above the April 2022 rate of 1.36 million.
Single‐family authorizations in April were at a rate of 855,000, which is 3.1% above the revised March figure of 829,000. Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1.41 million, a 1.5% decline from the revised March rate of 1.43 million and is 21.1% below the April 2022 rate of 1.7 million.
“Single-family starts are showing gradual improvement from the beginning of the year, and this is reflected in our builder sentiment surveys, which are up for five consecutive months,” said Alicia Huey, chairwoman of the National Association of Home Builders and a custom home builder and developer from Birmingham, Alabama. “Due to a lack of inventory for resales, we expect to see further improvement for single-family production in the months ahead even as builders continue to grapple with supply-chain and labor shortages.”
Kelly Mangold, principal with RCLCO Real Estate Consulting in Bethesda, Maryland, took in the data and observed, “Housing affordability remains a concern with mortgage rates remaining above 6%, and builders have begun to adjust their offerings to appeal to a more moderate price point. Smaller floorplans and slimmed down finish packages allow for more palatable pricing in today’s high interest environment.”