First American’s Odeta Kushi talks April housing starts
Today’s HousingWire Daily features an interview with First American Deputy Chief Economist Odeta Kushi. discussing the latest housing starts report from the U.S Census Bureau and the U.S. Department of Housing and Urban Development.
For some background on the interview, here’s a brief summary of HousingWire’s latest coverage on the April housing starts report:
Skyrocketing prices for lumber, appliances and other building materials continue to handcuff new housing starts all over the country.
Single-family housing starts in April dropped 13.4% from March to a rate of 1.09 million, according to the most recent study from the U.S. Census Bureau.
Housing completions were at a rate of 1.045 million in April, just 0.1% above the March rate of 1.04 million — proof that builders are delaying housing starts due to the marked increase in costs for lumber and other materials, said Mike Fratantoni, Mortgage Bankers Association‘s chief economist.
“Supply chain constraints are holding back a housing market that should otherwise be picking up speed, given the strong demand for buying fueled by an improving job market and low mortgage rates,” Fratantoni said. “Even with these challenges, there are roughly 640,000 new homes under construction right now, a helpful addition to low supply levels.”
Beyond housing starts, privately owned housing completions in April were at a seasonally adjusted annual rate of 1.45 million.
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