Housing starts rose in September after a steep drop the previous month, but new home construction remains at low levels, which could keep prices elevated.
New U.S. home construction rebounded in September after a steep drop the previous month, even as the housing market continues to confront high mortgage rates. Housing starts rose 7% last month to an annual rate of 1.35 million units, according to new Commerce Department data released Wednesday. That is slightly below Refinitiv economists' forecast for a pace of 1.38 million units. However, applications to build – which measures future construction – fell in September, sliding 4.
The data comes one day after the National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell five points to 40, the lowest reading since January 2023. The decline followed a five-point drop in September. Any reading below 50 is considered negative. "Builders have reported lower levels of buyer traffic, as some buyers, particularly younger ones, are priced out of the market because of higher interest rates," said NAHB Chair Alicia Huey, a custom home builder and developer from Birmingham, Alabama. "Higher rates are also increasing the cost and availability of builder development and construction loans, which harms supply and contributes to lower housing affordability.
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