New home construction numbers can be volatile. That’s certainly been true over the past few months. Take, for example, recent data from the U.S. Census Bureau and the Department of Housing and Urban Development. In February, the numbers showed housing starts up almost 11 percent – a sign builders were feeling optimistic and beginning to ramp up construction as the spring market approached. Then, according to the most recently released numbers, housing starts fell nearly 15 percent in March. That’s a big drop. The biggest, in fact, since the beginning of the COVID-19 pandemic in 2020. But while the numbers are down, the market may just be adjusting. For one, it’s not unusual for new home construction numbers to move erratically. Additionally, single-family groundbreaking is up double-digits from last year and builder confidence has held steady so far this spring. (source)
