Housing Starts Up 6.3 Percent

Single-family housing starts in June were at a rate of 849,000, which is 6.3 percent above the revised May figure of 799,000, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000, which is 8.3 percent above the revised May estimate of 1,122,000 and is 2.1 percent above the June 2016 rate of 1,190,000. 

 

Single-family authorizations in June were at a rate of 811,000, a 4.1 percent rise above the revised May figure of 779,000. Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000, which is 7.4 percent above the revised May rate of 1,168,000 and is 5.1 percent above the June 2016 rate of 1,193,000.

 

Single-family housing starts in June were at a rate of 849,000, a 6.3 percent increase from the revised May figure of 799,000. Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000, an 8.3 percent upswing from the revised May estimate of 1,122,000 and is 2.1 percent above the June 2016 rate of 1,190,000.

 

“Though a recovery in housing starts in June is welcome news, more consistent gains are needed to help rebalance the housing market,” said National Association of Realtors (NAR) Chief Economist Lawrence Yun. “The latest 1.22 million in total housing starts is still well below the historical average of 1.5 million. That is why the country is experiencing a stubborn housing shortage. With rising population and steady job gains, drastically more new home construction is needed to fully and satisfactorily house new households that will be formed this year and upcoming years.”

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