U.S. builders broke ground on fewer homes in April, one month after topping the 1 million mark for the first time since 2008. But most of the decline was in apartment construction, which tends to vary sharply from month to month.
Confidence among U.S. homebuilders inched upward this month to the highest level in more than 6 1/2 years as builders reported the best market for newly built homes since the housing boom.
Confidence among U.S. homebuilders remains at its highest level in six years, reflecting improved optimism over the strengthening housing market this year and a pickup in visits by prospective buyers to builders’ communities.
A measure of U.S. home prices jumped 4.6 percent in August compared to a year ago, the largest year-over-year increase in more than six years.
Home prices kept rising in July across the United States, buoyed by greater sales and fewer foreclosures.
Average U.S. rates on fixed mortgages have risen for a fourth straight week, remaining slightly above record lows. Cheap mortgages have helped fuel a modest housing recovery this year.
U.S. builders broke ground on the most new homes and apartments in nearly four years last month, the latest evidence of a slow housing recovery.