{"id":107369,"date":"2021-02-18T14:48:23","date_gmt":"2021-02-18T14:48:23","guid":{"rendered":"https:\/\/fin2me.com\/?p=107369"},"modified":"2021-02-18T14:48:23","modified_gmt":"2021-02-18T14:48:23","slug":"u-s-housing-starts-fall-in-january-permits-soar","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/u-s-housing-starts-fall-in-january-permits-soar\/","title":{"rendered":"U.S. housing starts fall in January; permits soar"},"content":{"rendered":"<figcaption>FILE PHOTO: A &#8220;Price Reduced&#8221; sign is displayed on a home for sale in northern Virginia suburb of Vienna, outside Washington, October 27, 2010. REUTERS\/Larry Downing\/File Photo<\/figcaption><p>WASHINGTON (Reuters) &#8211; U.S. homebuilding fell more than expected in January amid soaring lumber prices, though a surge in permits for future construction suggested the housing market remains supported by lean inventories and historically low mortgage rates.<\/p>\n<p>Housing starts decreased 6.0% to a seasonally adjusted annual rate of 1.580 million units last month, the Commerce Department said on Thursday. Economists polled by Reuters had forecast starts would drop to a rate of 1.658 million units in January. Homebuilding fell 2.3% on a year-on-year basis.<\/p>\n<p>The housing market has outperformed other sectors of the economy during the COVID-19 pandemic, supported by lower mortgages rates and demand for spacious accommodations for home offices and schooling. But expensive inputs and lack of land pose a threat to continued robust housing market gains.<\/p>\n<p>A survey on Wednesday showed confidence among single-family homebuilders edged up in February. But builders complained that record high lumber prices were \u201cadding thousands of dollars to the cost of a new home and causing some builders to abruptly halt projects.\u201d<\/p>\n<p>Softwood lumber prices jumped a record 73% on a year-on-year basis in January, according to data from the Labor Department. Still, the housing market remains supported by historically low mortgage rates and lean inventories of previously owned homes.<\/p>\n<p>Permits for future homebuilding shot up 10.4% to a rate of 1.881 million units in January. Permits typically lead starts by one to two months.<\/p>\n<p>Single-family homebuilding, the largest share of the housing market, tumbled 12.2% to a seasonally adjusted annual rate of 1.162 million units. Single-family starts had increased for eight straight months. Single-family building permits rose 3.8% to a rate of 1.269 million units in January.<\/p>\n<p>Starts for the volatile multi-family segment surged 17.1% to a pace of 418,000 units. Building permits for multi-family housing projects soared 27.2% to a pace of 612,000 units.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/usa-economy-housingstarts\/u-s-housing-starts-fall-in-january-permits-soar-idUSL1N2KN245\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: A &#8220;Price Reduced&#8221; sign is displayed on a home for sale in northern Virginia suburb of Vienna, outside Washington, October 27, 2010. REUTERS\/Larry [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":107368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. housing starts fall in January; permits soar - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/u-s-housing-starts-fall-in-january-permits-soar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. housing starts fall in January; permits soar - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: A &#8220;Price Reduced&#8221; sign is displayed on a home for sale in northern Virginia suburb of Vienna, outside Washington, October 27, 2010. 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