Housing Market Rebounds in February as Construction Jumps and Supply Rises

• Completed new-home construction jumped 20% in February over January to 1.7 million, with single-family completions up 20% to over 1 million.

• Housing starts also rebounded, increasing nearly 11% in February to 1.5 million, thanks to better weather and supply chains.

• Multifamily property completions hit a 50-year high of 644,000 units, helping the undersupplied housing market.

• Building permits rose 2% to 1.5 million, signaling more new construction to come as the prime spring home-buying season starts.

• Single-family construction is expected to drive further housing starts gains this year as that market still needs more supply.