New homebuilding stalls nationwide

(CNN, KYMA/KECY) - U.S. home builders have pulled back on products this month.

According to new data from the U.S. Census Bureau and Department of Housing and Urban Development, single family homes starts have dropped 12% in April compared to a year ago.

Housing Starts measure of the new residential construction projects that have already started. They are often seen as a key indicator of the overall health of the U.S. economy.

Single family permits have issued for new construction have also fell just down over 5% from the month of March. That's down 6.2% compared to April of last year.

The drop in new home construction comes at a time when home affordability is near generational lows. Mortgage rates have also been persistently elevated, and there's a shortage of homes also for sale.