New home construction surged last month: 10% increase

Home constructions surged last month in the U.S.

COLUMBIA, S.C. (WOLO)— Home constructions surged last month in the U.S.

Housing starts were up nearly 10% in February compared to January. It marks a turn-around after five straight months of decline.

However, it’s still down more than 18% from a year ago.

Home construction saw big declines in May and July last year— that’s when spiking mortgage rates pushed many prospective buyers away.

According to data from Freddie Mac, the 30 year-fixed-rate mortgage averages 6.6%.