Construction on new homes posted a 16.5 percent drop in April after reaching a nearly five-year high the previous month, the Commerce Department reports.
The National Association of Home Builders called the dip in April a “correction from an unsustainably high level of production on the volatile multifamily side.”“The big decline in April housing production was mostly on the multifamily side, which recorded a similarly dramatic increase in the previous month,” says NAHB Chief Economist David Crowe. Read more ...
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