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AP National Business

Gimme shelter: fewer homes being built as builders pull back

KION
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Published 11:21 AM

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Homebuilders have pumped the brakes on new single-family home construction this year, a trend that’s likely to extend into 2023, according to several forecasts. Single-family housing starts will fall this year for the first time in over a decade, with another pullback projected in 2023. Housing experts predict homebuilding will begin to rebound in 2024, but that’s contingent on mortgage rates easing back from current levels.

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