After a record end to 2003, the housing market took a dip in early 2004.
According to the Commerce Department, housing starts fell nearly 8% in January, to a seasonally adjusted annual rate of 1.9 million units.
Building permits also fell to a rate of 1.9 million units, a decrease of almost 3%.
It's no reason to panic, however. Heading into the year, experts had predicted a drop-off, though these numbers are slightly lower than projected. After carrying the economy in recent years, the housing market is expected to enjoy another good annum, though with less growth than in 2003.
New, Privately Owned Housing Units Started
Credit: Department of Commerce