Housing Market Sees Flood of New Homes

Completed new-home construction soared in February, the Commerce Department said on Tuesday, ahead of what tends to be a busy season for the housing market in the spring.Privately owned housing completions skyrocketed by nearly 20 percent last month compared to January and were up about 10 percent from a year ago to more than 1.7 million. For single-family properties, they were up by 20 percent for the month to more than a million new homes.

That is holding asking rents roughly steady nationally, and causing year-over-year declines in metros that are adding housing supply the fastest, mostly in the Sunbelt.'The housing market has been grappling with an environment of elevated mortgage rates and high prices, which has stifled demand from buyers struggling to afford a home.

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