US home building picked up in March, led by 6% gain in single-family home construction.
Builders started new homes at an annual rate of 946,000 last month. That was up from February's rate of 920,000, which was revised up from the earlier estimate of 907,000.
Builders say housing starts have been restrained in recent months by bad weather and a shortage of available lots and labor. In addition, buyers face tight credit conditions and mortgage rates that are about a percentage point higher than last spring, though still near all-time lows.
Article curated from USA Today