Single-family housing starts edged up to a seasonally adjusted annual rate of 778,000 in June, according to the new residential construction report released by the Department of Commerce Tuesday morning. This reading marks a 4.4% increase month-over-month and a 13.4% gain year-over-year and serves as a strong signal of progress as the Spring sales season nears its end.
Single-family starts in the Northeast market soared in this month with a 74.4% year-over-year increase to 75,000 units. Noticeable year-over-year progress was also made in the Midwest (20.4%), South (7.2%) and West (7.7%). By value, the South market remains the largest market for single-family homes, with a seasonally adjusted annual rate of 417,000 units in this month.
This month, single-family construction held at an annual rate of 432,000, but is up 15.2% from a year earlier. Permits issued for privately-owned one-unit structures, meanwhile, edged higher by 1.0% to a seasonally adjusted annual rate of 738,000, signaling that builders are becoming more optimistic about future markets. Housing permits for all privately-owned housing also increased a moderate 1.5% month-over-month to a seasonally adjusted 1,153,000, partially due to the uptick in permits issued for multifamily units over five. Year-over-year, permits issued for one-unit structures picked up in all regions, led by the Northeast (9.4%), West (6.3%), South (4.5%), and Midwest (3.7%).
In this month, privately-owned housing completions rose 12.3% to a seasonally adjusted annual rate of 1,147,000, with completed single-family homes growing 3.7% to 752,000 and multi-family homes jumping a huge 34% to 386,000. Year-over-year, all regions across the country reported growth, led by the Northeast with a 57.5% increase in single family completions. Closely behind are the Midwest (43%), South (12.9%), and West (3.8%).
Read the full release from the Commerce Department here>>
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