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The numbers: Construction of new homes fell 4.3% in December, as home builders scaled back new projects.
So-called housing starts fell to a 1.46 million annual pace from 1.53 million in November, the government said Thursday. That’s how many houses would be built over an entire year, if construction took place at the same rate every month as it did in December.
Housing starts are down for the first time in four months. New construction recently peaked at 1.8 million in April 2023.
NAR Economist: ‘Housing Recession Is Over’
Contract signings picked up the pace last month, and home buyers are increasingly facing multiple offer situations. NAR releases its housing forecast for the remainder of the year and 2024.
The Federal Reserve signaled possible rate cuts to come, which could influence lower mortgage rates and spur housing activity.