world-economy

Housing Starts Fall as Builder Confidence Wavers on Rates

U.S. housing starts retreated in April as single-family construction declined at its fastest pace in nearly a year, signaling developer caution in response to elevated mortgage rates. The pullback reflects broader uncertainty in residential markets, though regional activity remains mixed. California's existing home sales climbed 3.9 percent month-over-month in April, reaching 275,580 units on a seasonally adjusted basis. The state's median price hit a record $914,810, up 2.9 percent from March. Meanwhile, developers continue launching new communities nationwide. Caruso Homes opened Blue Run, an 80-home single-family development in Raleigh with five floor plan options and summer move-in availability. The company also launched Mill Creek, a single-family community in Maryland, even as national construction momentum slowed.