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Housing market tops out as lumber, material costs bring headwinds

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Housing market tops out as lumber, material costs bring headwinds

The once-red hot U.S. housing market is cooling off as rising mortgage rates and surging materials costs take a toll.

Housing starts and building permits both fell by more than expected in February, according to a report released Wednesday by the Commerce Department. The bad news comes a day after a survey found homebuilder confidence fell to a seven-month low in March.

HOMEBUYERS CANCELING CONTRACTS AS COSTS SOAR

Housing, which has been the standout sector in the economy amid the COVID-19 pandemic, accounts for about 15% to 20% of the country’s gross domestic product, according to the National Association of Realtors.

“The peak in housing is in,” wrote David Rosenberg, chief economist and strategist at Toronto-based Rosenberg Research. He argues the level of the data isn’t as important as the direction and momentum, which has been in decline amid a sharp rise in mortgage rates and lumber prices.

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