May Housing Starts 4.3 % Higher Than Projected – NMP
Industry News

May Housing Starts 4.3 % Higher Than Projected

Jun 18, 2020
Photo credit: Getty Images/photovs

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development released their new residential construction statistics for May 2020, which finds privately-owned housing starts in May at a seasonally-adjusted annual rate of 974,000, 4.3% above the revised April estimate of 934,000, but 23.2% below the May 2019 rate of 1,268,000.
 
Also in May, it was reported that single-family housing starts were at a rate of 675,000, 0.1% above the revised April figure of 674,000.
 
Building permits in May were at a seasonally adjusted annual rate of 1,220,000, 14.4% above the revised April rate of 1,066,000, but 8.8% below the May 2019 rate of 1,338,000. Single-family authorizations in May were at a rate of 745,000, 11.9% above the revised April figure of 666,000.
 
“Another sign that builders are ramping up construction of new homes is the May increase in residential construction employment, a necessary input for increasing the pace of housing starts,” noted First American Deputy Chief Economist Odeta Kushi. “The construction industry does not lend itself to automation, so more the hammers we put to work, the more homes we can expect to build.”
 
Housing completions in May were at a seasonally adjusted annual rate of 1,115,000, 7.3% below the revised April estimate of 1,203,000 and 9.3% below the May 2019 rate of 1,230,000.
 
Lawrence Yun, chief economist for the National Association of Realtors (NAR), stated: "Before the pandemic, America faced a housing shortage of around five to six million homes due to multiple years of underproduction of new homes. Now, in the middle of 2020, the housing shortage has intensified. Consequently, home prices will be pushed higher, thereby making ownership opportunities for first-time buyers more difficult. More homes need to be built.”
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development released their new residential construction statistics for May 2020

 
About the author
NationalMortgageProfessional.com
Link copied
Published
Jun 18, 2020
Get the NMP Daily
Non-QM
NMP Deal Desk: Kind Lending Highlights How Asset Utilization Can Help Qualify More Non-QM Borrowers

Kind Lending executives discussed how asset depletion works, which borrowers may benefit most, and why brokers should take a closer look at borrowers with significant assets but non-traditional income

Mortgage professionals looking for new ways to qualify borrowers with substantial assets but non-traditional income got a closer look at asset utilization lending during NMP's latest Deal Desk webinar, sponsored by Kind Lending.During the June 17 session, Qualify More Borrow...

Continue reading
Industry News
Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

After months of stalled progress, the House and Senate have reached an agreement to pass the 21st Century ROAD to Housing Act (HR 6644), a sweeping housing package designed to boost housing supply and affordability.The Senate voted 87-8 on July 16 to consider the House-amend...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News
Jun 17, 2026
Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power

Industry News
Jun 16, 2026
Trump Taps Former CFPB Deputy Brian Johnson To Lead Bureau

MBA backs the nomination as lenders await clarity on the future direction of consumer finance regulation under the Trump administration

Industry News
Jun 12, 2026
Trump Names FHFA Director Bill Pulte Acting Director Of National Intelligence

FHFA director will continue overseeing Fannie Mae and Freddie Mac while serving as acting director of national intelligence

Industry News
Jun 02, 2026
Realtor.com Launches AI Home Search Platform Built With Google

New RealAssist tool combines AI, affordability guidance and Google Maps data to engage buyers before they reach lenders

Industry News
Jun 02, 2026
Another MLS Challenges Zillow In Fight Over Listing Visibility

Realtracs joins MRED in pushing back on Zillow's listing policies, a battle with potential implications for the broader homebuying and mortgage ecosystem

Industry News
May 29, 2026