Housing starts fell 10.6% in April
Housing starts declined another 10.6% in April, according to Commerce Department data, reversing the gains of the prior month and coming in well below most analysts' estimates. On a seasonally adjusted basis, starts fell to 523,000 last month down from a revised 585,000 for March and nearly 24% lower than 687,000 a year earlier. Analysts polled by Econoday were expecting housing starts of 570,000 last month with a range of estimates between 549,000 and 583,000. Economists surveyed by Briefing.com projected starts of 530,000 for April. In a joint release, the Census Bureau and Department of Housing and Urban Development said single-family starts decreased 5.1% to a seasonally adjusted rate of 394,000 units down from a revised 415,000 for March. April's decrease comes on the heels of a 7.2% increase in March. Starts dropped 22.5% in February, which was the largest monthly decline since March 1984. Building permits in April fell 4% to an annual rate of 551,000 from a revised 574,000 for the prior month. Write to Jason Philyaw.