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## New Residential Construction Takes a Hit Amid Rising Mortgage Rates

New residential construction, including single-family and multifamily homes, experienced a significant decline in March, marking the largest drop in four years. The housing starts fell by 14.7% month over month, with single-family starts taking a hit of 12.4%. This trend is attributed to the impact of rising mortgage rates on housing market activity.

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## Potential Slowdown in Housing Market Growth

The latest Census Bureau data underscores a potential slowdown in new home construction growth, as highlighted by LPL Financial’s chief economist, Jeffrey Roach. The data suggests that housing activity may face challenges in the near future, with residential investment likely to act as a drag on GDP growth in the coming quarters.

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## Market Sentiment and Future Outlook

Builder sentiment remained flat in April after four months of gains, indicating buyer hesitation due to uncertainty in interest rate movements. Despite challenges, there remains optimism for single-family starts benefiting from a lack of second-hand homes in the market. However, weaknesses in multifamily starts are expected to persist, keeping total housing starts relatively stable by year-end.

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