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Source: US Department of Commerce Source: S&P <br />Housing <br />0 <br />200 <br />400 <br />600 <br />800 <br />1000 <br />1200 <br />1400 <br />1600 <br />1800 <br />2000 <br />MOM Change (In Thousands of Units)Housing Starts <br />Multi Family Housing Starts <br />Single Family Housing Starts <br />0.0% <br />3.0% <br />6.0% <br />9.0% <br />12.0% <br />15.0% <br />18.0% <br />21.0% <br />24.0% <br />S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeTotal housing starts fell 4.5%month-over-month in January to 1,309,000 units and were down 21.4%compared to January 2022.Starts for both <br />single-family and multi-family homes declined as mortgage rates rose.The 30-year fixed rate mortgage increased to an average of 6.34% <br />according to Freddie Mac,down from a peak of over 7%in October,butup from the 5.95%low in January.According to the Case-Shiller 20-City <br />Home Price Index,the year-over-year increase continued its declining rate of gain to +4.65%in December from +6.8%in November,clearly <br />displaying the impact of higher mortgage rates year-over-year,which have reduced demand for homebuying as affordability has declined.This <br />is the lowest rate of annual appreciation since July 2020, just prior to the pandemic housing boom. <br />8