(Census Bureau) Total authorizations of privately-owned house units in the US were at an annual rate of 1.873 million in March, up by 0.4% from February.
Following the March gains, the building authorizations hit a level 6.7% higher than the comparable month of 2021.
The housing starts also posted an increase in March, with the annual rate hitting 1.793 million, up 0.3% from February. The housing starts are 3.9% higher than the comparable month of 2021.
Housing completions went down by 4.5% in March from February to reach an annual rate of 1.303 million. The rate is 13.0% below the previous year.
The housing authorizations and starts come as a surprise despite the rising mortgage rate, which is now hovering around 5%. Growing material and labor shortages are seen as new headwinds, alongside rising rates, although the housing supply remains low.
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