Tag Archives: New-Home Construction Falls After Reaching 5-Year High

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. But Crowe says the dip in building activity will likely be temporary. […]