The U.S. Census Dept. said privately owned February housing starts were at a seasonally adjusted annual rate of 1,162,000, -8.7% below the revised January estimate of 1,273,000 and -9.9% below the February 2018 rate of 1,290,000. Single‐family housing starts in February were at a rate of 805,000, -17% below the revised January figure of 970,000. The February rate for units in buildings with five units or more was 352,000.
Despite the huge February decline, builder confidence is showing signs of improving. According to the NAHB/Wells Fargo Housing Market Index (HMI), confidence in the market for newly-built single-family homes rose one point to 63 in April, Sentiment has held in the low 60s for the past three months.
