WASHINGTON - U.S. housing starts fell 10.6% to a seasonally adjusted annual rate of 523,000 units in April from the upwardly revised 585,000 in March. New building permits fell 4.0%to a 551,000 annual rate from March’s downwardly revised 574,000.
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Economists had estimated 569,000 new starts in April and 590,000 permits based on the median of the poll conducted by Thomson Reuters.
Economists had seen the higher-than-expected March numbers as a catch-up from February starts depressed by bad weather.
Single-family housing starts were at 394,000, down 5.1% from March. Multi-family starts fell 28.3% to 114,000.
Building permits for single-family homes were down1.8% to 385,000.
