Market Update: Housing Starts beat expectations in January

Housing starts fell 2.6 percent to a seasonally adjusted annual rate of 1.25 million units. Overall, homebuilding was up 10.5 percent compared to the previous year, while permits jumped 4.6 percent last month. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The increase in permits and single-family home starts signals an encouraging beginning to 2017 for the housing market. While the temperatures outside may be cool, demand for housing will stay hot as buyers stand to benefit with new home construction picking up.”

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