Economists expected a slowdown to an annual rate of 1.68 million units, yet spring sales remain relatively strong, despite a slight rise in mortgage interest rates.
Despite the monthly decline, construction of new homes in the first quarter was at a record-setting pace. After three months, starts in 2002 are up 5% over 2001's pace. In all of 2001, 1.6 million homes were started.
Publication date: 04/15/2002