Housing Starts Rebound

Single-family housing starts rebounded by 6.3% in April after a 14% plunge in March that stirred concerns about the strength of the housing market.The U.S. Census Bureau reported that single-family starts increased from a seasonally adjusted annual rate of 1.54 million in March to 1.64 million in April. Starts are ahead of last year's record pace by 0.7%. National Association of Home Builders economists say they expect a rebound. And a new NAHB survey shows that homebuilders remain confident that home sales will remain strong for the next six months. "Builders continue to see strong buyer demand for single-family homes," said NAHB chief economist David Seiders. "With unsold inventories in good shape, housing starts should be solid in the coming months." The Census Bureau also reported that multifamily starts rebounded by 34% in April to 351,000 units.