US existing home sales hit their lowest level in nearly 30 years on high home prices and elevated mortgage rates, said the National Association of Realtors
AFP

Privately-owned housing starts fell sharply in January compared to December according to data released on Wednesday.

Census Department statistics showed that in January there were at a seasonally adjusted annual rate of 1,366,000 homes started. This is 9.8 percent below the revised December estimate of 1,515,000 and below the January 2024 rate of 1,376,000.

In contrast, homes that are already built and ready for occupancy rose 7.6% from December and 9.8% year-over-year.

Building permits for single-family homes remained flat at 996,000 with total permits increasing slightly from December but below January 2024 levels.

The slowdown in housing starts could signal continuing struggles ahead for the housing market..

A report released Tuesday called the Housing Market Index showed that home builders are not feeling confident.

Home builder Toll Brothers released an earnings report on Wednesday that fell short of expectations.

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