US Home Construction Soars in February on Limited Inventory and Mortgage Rates
• New US home construction increased 10.7% in February, the largest increase since May • Building permits rose to the fastest pace since August, signaling future construction • Single-family home construction hit a two-year high • Builders are taking advantage of limited resale inventory and slightly better mortgage rates • Economists expect mortgage rates to decline later this year when the Fed is forecasted to reduce interest rates