Dive summary:

• The seasonally adjusted pace of new-home construction – expressed as the number of units that activity would produce in a year – fell back 4.6% from January to February, but that is being taken as an adjustment, not a problem.
• The National Association of Home Builders said the February rate of 411,000 new units was in line with the growth the group is expecting for home-building this year.
• NAHB said the January rate – 431,000 – was the unusual figure in the federal report, and Chairman Rick Judson reiterated the organization's ongoing complaint that too-tight credit for buyers is holding the market back, along with higher materials costs recently and emerging labor shortages as builders get back into business.

From the article:

"This is the kind of modest but steady growth we are expecting to see throughout the year as the economy and job market continue to improve...."