Total housing starts in the US for January 2023 were down a little bit compared to Dec 2022, which is normal for the season. Single-family starts were also down slightly compared to Dec, but permits were almost flat.
Full-year 2022 total housing starts were down only -3% compared to 2021, at 1.55 million units. Single-family starts were 1.01 million units, which is down almost -11% from full year 2021.
US new home sales for Jan 2023 were down -19% compared to Jan 2022, indicating the increasing mortgage rates are slowing down what was a potentially overheated housing market.
In full year 2022 there were 644,000 new homes sold, down -16% from full year 2021 when it was 771,000.
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