by Calculated Risk on 4/17/2025 09:30:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Housing Starts Decreased to 1.324 million Annual Rate in March

A brief excerpt:

First, from Reuters: D.R. Horton cuts 2025 revenue forecast on weak demand for homes

U.S. homebuilder D.R. Horton lowered its full-year revenue forecast and missed second-quarter profit and revenue estimates on Thursday due to weak demand for homes. … It sees about 85,000 to 87,000 transaction closings from homebuilding operations, down from its earlier forecast of 90,000 to 92,000 homes.

I discussed weaker demand and higher costs last month in Policy and 2025 Housing Outlook

Housing Starts Decreased to 1.324 million Annual Rate in March
...
Total housing starts in March were well below expectations; however, starts in January and February were revised up slightly, combined.

The third graph shows the month-to-month comparison for total starts between 2024 (blue) and 2025 (red).

Total starts were up 1.9% in March compared to March 2024. Year-to-date (YTD) starts are down 1.5% compared to the same period in 2024. Single family starts are down 5.6% YTD and multi-family up 9.0% YTD.

There is much more in the article.

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