New data from the U.S. Commerce Department indicates a rebound in the single-family housing starts for February in what could be a sliver of hope for the market still reeling from historically high-interest rates.

According to Reuters, the data shows a positive (7.6%) increase in single-family starts following eleven straight months of declines.  

The increases were led by a 1.1% rise in starts from January to February, with upticks recorded in both the Northeast and West to offset declines recorded in the South and Midwest. 

Overall, however, starts on single-family homes were down 31.6% when compared on a year-to-year basis. Multi-family housing starts also rose 9.8% to a rate of 1.45 million nationwide.

The data bucks the forecast provided in the recent Q4 AIA Home Design Trends Survey, which predicted a slowdown for the year despite an increase in residential billings. 

The trends may not stick, however, as economists warn that the recent lowering of mortgage rates may be over soon owing to continued inflation and the spiraling financial fallout from the recent failure of the Silicon Valley Bank.

“We are currently in a period of economic uncertainty, and it is possible that we could see improvements as the year progresses, or that starts could experience a continued decline if we enter a true recession,” real estate consultant Kelly Mangold told CNN during its February 16 report on residential construction statistics and updates.