Washington, DC CNN —US homebuilding bounced back in September, after dropping in August to the lowest levels since 2020 as mortgage rates climbed.
Building permits dropped in September, falling 4.4% from August’s revised number to a seasonally adjusted annual rate of 1.473 million.
“Builders continue constructing smaller homes using less land, and offering incentives, but to build our way out of the housing shortage we’ll need mortgage rates well below current levels,” he said.
Homebuilders are becoming increasingly anxious about persistently high mortgage rates and cooling demand, she said.
“To keep buyers interested, many builders have been offering upgrades or buying down mortgage rates,” she said.
Persons:
US homebuilding, ”, Robert Frick, Lisa Sturtevant, “, Sturtevant
Organizations:
DC CNN, US, Housing, Census, Navy Federal Credit Union, “ Builders, Bright MLS
Locations:
Washington