BREAKING: US housing starts higher in March!

1:30 pm BST - US housing market data for March.

• Building permits. Actual: 1.413 million. Expected: 1.45 million. Previous: 1.55 million
• Housing starts. Actual: 1.420 million. Expected: 1.40 million. Previous: 1.432 million

The US housing starts and permits for future construction stabilizes in March. Housing starts came higher than expected and building permits lower than expected. Both data came lower compared to the previous month. Even though, housing market is still stabilizing after being crushed by higher mortgage rates. Despite this, the housing market is still much weaker than it was just over a year ago. And further interest rate hikes may further worsen the condition of the sector later this year.