June Housing Starts Rise but Supply Is SinkingBy RISMedia Staff
Overall housing starts increased 6.3% in June to a seasonally adjusted annual rate of 1.64 million units, according to the latest data from the Commerce Department. Weakening permit numbers for both the single-family and multifamily markets are putting a damper on inventory growth, however.
The June reading of 1.64 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 6.3% to a 1.16 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 6.2% to a 483,000 pace. Housing Starts: 1.64 million (+6.3 month-over-month, +29.1% year-over-year) Multifamily Starts: 474,000 Single-Family Starts: 1,091,000 Building Permits: 1.59 million (-5.1% month-over-month, +23.3% year-over-year) Multifamily Permits: 483,000 Single-Family Permits: 1,063,000 Completions: 1.32 million (-1.4% month-over-month, +6.5% year-over-year) Multifamily Completions: 416,000 Single-Family Completions: 961,000 Regional Year-to-Date Data Midwest: +25.5% South: +21.5% West: +28.0% Northeast: +41.4% What the Industry Is Saying "While lumber prices have just recently begun to trend downward, builders continue to deal with rising prices of other building materials, such as oriented strand board, and major delays in the delivery of these goods," said Chuck Fowke, chairman of the National Association of Home Builders (NAHB). "We are thankful that the White House recently held a meeting to seek solutions to these supply chain issues that are harming housing affordability." "The recent weakening of single-family and multifamily permits is due to higher material costs, which have pushed new home prices higher since the end of last year," said NAHB Chief Economist Robert Dietz. "This is a challenge for a housing market that needs additional inventory." |
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