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New home construction slowed at the end of 2023
Washington, DC (CNN) — The annual pace of new home construction pulled back last month after soaring in November, despite a historic shortage of housing inventory and falling mortgage rates.
Posted — UpdatedBy Anna Bahney, CNN
CNN — Washington, DC (CNN) — The annual pace of new home construction pulled back last month after soaring in November, despite a historic shortage of housing inventory and falling mortgage rates.
Housing starts came down by 4.3% in December compared to the previous month, according to data released Thursday by the Census Bureau.
Starts fell to a seasonally adjusted annual rate of 1.46 million units last month, dropping from November’s pace of 1.56 million.
This is a developing story and will be updated.
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