Home construction unexpectedly surged in February as slump in lumber prices offset pain of rising mortgage rates
Lumber prices rose 5.8% to $438.60 per thousand board feet.
"New residential construction reflected improving builder optimism and declining lumber costs in February, even during a month of rising mortgage rates," George Ratiu,"Lumber prices have returned to pre-pandemic territory, hovering around $400 per thousand board feet over the past few months, a noticeable decline from last year," he wrote.
Mortgage rates were kicked higher throughout February as a blow-out January jobs report and hotter-than-anticipated monthly data on consumer prices underpinned expectations the Federal Reserve would continue raising interest rates.according to Freddie Mac dataStarts on single-family homes in February rose by a modest 1.1% to 830,000 units from January.
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