Residential market may be stabilizing

Abstract:

Homebuilders cut housing starts 12% in March, attempting to match new home supply with still falling home demand. This latest cut will achieve a match only if new home quickly pick up from the recent low level. That is unlikely. While home completions are falling quickly, existing home sales are no longer falling and the combined inventory of new and existing homes for sales is also now declining, further small reductions in new home starts are likely necessary through the spring.

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