Single and multifamily construction starts dropped to the lowest pace since August 2020, which could mean the market will soon reach a turning point, says CNBC. Single-family, the sector with the highest demand and record shortages, posted a 10% decrease in construction permits. Permits reflect the future of construction starts, which can be troubling to see that the near future could feature less construction amid unwavering demand. It could be a result of rising mortgage rates and home prices, says CNBC. Mortgage rates remain slightly lower than one year ago, but now rates no longer help buyers justify higher home prices.
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