Overview

• Single-family home construction tumbled in March, marking a significant setback in the housing market recovery.
• Mortgage rates nearing 7% have cooled buyer enthusiasm, contributing to the slowdown in new construction.
• Permits for future single-family homes in March fell to a five-month low, indicating potential further declines.
• The inventory of new homes remains low compared to pre-pandemic levels, exacerbating affordability issues.
• Economists express concerns over the sustainability of the housing market's recovery without intervention.