US New-Home Construction Rises in February

New-home construction rose 22.2 percent in February, compared to January, to a seasonally adjusted annual rate of 583,000 units. Applications for building permits, which are considered a good measure of future building, rose 3 percent in February to an annual rate of 547,000. Both increases surprised analysts who had predicted further downturns. Housing construction is still down 47.3 percent from a year ago. However, builders remained pessimistic about their businesses. The National Association of Home Builders’ index of builder sentiment is at 9, one point above the all-time low reached in January. Numbers lower than 50 indicate a negative outlook about the market.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email