New Construction Ticks Down in March, Multi-Family Construction Hits Historical High

New residential construction took a step back in March as mortgage rates dipped and home purchase sentiment improved. Total housing starts reached 1.42 million units in March, down 17.2% year-over-year and 0.8% compared to February’s revised level. However, single-family construction ticked up to 861,000 units, 2.7% over February’s figure.