U.S. housing starts and permits reached their highest mark in nearly two years in February, Reuters reports.
Tuesday’s numbers from the Commerce Department show single-family housing starts, which account for the bulk of homebuilding, rose 11.6% to an adjusted annual rate of 1.129 million units last month—the highest mark since April 2022.
Mild temperatures and a shortage of previously owned homes on the market were factors in the increase.
The report also shows that permits for the future construction of single-family homes increased to their highest level in over a year.
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Builders are cutting prices and offering other perks to increase sales, and some are reducing home sizes to better manage rising material costs.
