Single‐family housing starts in April were at a rate of 1,100,000, or 7.3% below the revised March figure of 1,187,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
Privately owned housing starts in April were at a seasonally adjusted annual rate of 1,724,000, which is 0.2% below the revised March estimate of 1,728,000 but 14.6% above the April 2021 rate of 1,505,000. The April rate for units in buildings with five units or more was 612,000.
“This was largely in line with our forecast, though the multifamily side was stronger than expected, rising 15.3% to an annualized rate of 624,000, the highest level since 1986,” says Doug Duncan, chief economist at Fannie Mae. “Single-family starts were slightly below expectations, falling 7.3% to a seasonally adjusted annualized rate of 1.1 million.”
Housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,819,000, which is 3.2% below the revised March rate of 1,879,000 but 3.1% above the April 2021 rate of 1,765,000. Single‐family authorizations last month were at a rate of 1,110,000, or 4.6% below the revised March figure of 1,163,000. Authorizations of units in buildings with five units or more were at a rate of 656,000.
“Permits fell month over month while starts were relatively unchanged, potentially signaling some early signs of slowing as the new residential construction market continues to respond to rapidly increasing mortgage rates as well as other inflationary pressures,” says Nikolas Scoolis, manager, housing economics for Zonda.
April’s housing completions were at a seasonally adjusted annual rate of 1,295,000, which is 5.1% below the revised March estimate of 1,365,000 and 8.6% below the April 2021 rate of 1,417,000. Single‐family housing completions last month were at a rate of 1,001,000, or 4.9% below the revised March rate of 1,053,000. The April rate for units in buildings with five units or more was 281,000.
