starts ticked up in April despite pressure from high mortgage rates, a modestly reassuring sign for the health of the economy.They are now at a seasonally adjusted annual rate of 1.44 million. From April 2023, they fell 2%.
There has been a unique dynamic at play in the housing market because of the higher mortgage rates. Many people are holding on to their existing homes and waiting to sell until mortgage rates are lower, creating a shortage of existing homes for sale.
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