Housing

U.S. new-home construction rebounded by more than expected in January amid strength in single-family starts and a nine-month high for permits, signaling the market is stabilizing thanks to lower mortgage rates.

Lower mortgage rates and more-affordable properties offered some relief for buyers.

U.S. construction spending posted the smallest annual increase since 2011 as homebuilding slowed amid higher borrowing costs and a glut of apartments in some areas.

Pending home sales rebounded 4.6% to an index reading of 103.2 in January, after a revised 2.3% decline to 98.7 in December.

U.S. new-home construction in December fell to the lowest since September 2016, as builders held back during a turbulent month for financial markets.

Existing home sales were down 1.2% to a seasonally adjusted 4.94 million-unit rate in January.

Builders’ confidence in the market for new single-family homes grew as the National Association of Home Builders' housing market index climbed to 62 in February from 58 in January.

Pending home sales dropped 2.2% to an index reading of 99.0 in December, after a revised 0.9% decline to 101.2 in November.

Home prices in 20 U.S. cities slowed in November for an eighth consecutive month, extending the longest streak since 2014, as affordability issues remain.

California's Governor and San Diego's mayor launch separate efforts to combat housing crisis