WASHINGTON, DC — Following strong production in the first quarter that was driven in part by mild weather conditions, nationwide housing starts fell back 5.4% in April to a seasonally adjusted annual rate of 1.56 million units, the U.S. Department of Commerce reported. The shortfall occurred primarily in the multifamily sector, where production often fluctuates widely on a month-to-month basis.
“After the first few months of this year, when unseasonably warm and dry weather and historically low interest rates combined to help housing buoy the national economy, some downward adjustment was to be expected in housing production. But our latest surveys of single-family builders indicate no shortfall in buyer demand or builder confidence. And we are still on track to build slightly more than the 1.6 million units we did last year," said Gary Garczynski, president of the National Association of Home Builders (NAHB).