New US Home Construction Falls to Lowest Level Since August
- Housing starts and permits for new projects both fell in March
- Builders may be taking a breather with high level of inventory
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New home construction in the US slowed last month as a leveling off in interest rates has given way to a lull in housing demand and caution among builders.
Residential starts decreased 14.7% in March to a 1.32 million annualized rate, the lowest since August, government data showed Tuesday. The figure was weaker than all estimates in a Bloomberg survey of economists.