U.S. homebuilding fell in March as the construction of single-family homes in the Midwest recorded its biggest decline in three years, likely reflecting
Housing starts declined 6.8 percent to a seasonally adjusted annual rate of 1.22 million units, the Commerce Department said on Tuesday. February's starts were revised up to a 1.30 million-unit pace from the previously reported 1.29 million-rate.
Economists polled by Reuters had forecast groundbreaking activity falling to a 1.25 million-unit pace last month.
Construction in February was boosted by unseasonably warm temperatures. But temperatures dropped in March and a storm lashed the Northeast and Midwest regions, which could have accounted for the drop last month in homebuilding.
Single-family homebuilding, which accounts for the largest share of the residential housing market, fell 6.2 percent to