Washington, DC, May 16, 2018-Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,287,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced.
Data for March was revised to show starts rising to a 1.336 million-unit rate instead of the previously reported 1.319 million-unit pace.
Single-family home building, which accounts for the largest share of the housing market, edged up 0.1% to a rate of 894,000 units last month.
New residential construction in the USA pulled back by much more than anticipated in the month of April, according to a report released by the Commerce Department on Wednesday.
Still, housing starts are up 10.5 percent from April 2017 on a 7.2 percent increase in single-family homes, and a 19.1 percent surge in apartments. Authorizations of units in buildings with five units or more were at a rate of 450,000 in April.
Demand for housing is strong despite an uptick in mortgage rates: The rate on the benchmark 30-year, fixed-rate home loan is 4.55 percent, up from 4.05 percent a year ago.