Home›Real Estate›Residential›Housing starts rise 19% in June as multifamily surges

Housing starts rise 19% in June as multifamily surges

Multifamily starts jumped 76.3% to a 513,000 annual rate, while single-family starts edged down to about 895,000.

Reported · Written up by our desk · Residential

HousingWire reports that U.S. housing starts climbed 19% in June to about 1.3 million units on a seasonally adjusted annual rate basis, with the increase driven by a sharp gain in multifamily construction.

The multifamily segment surged 76.3% to a 513,000 annual rate, but single-family starts fell slightly to roughly 895,000 from about 897,000 in May, suggesting the overall jump was not broad-based.

The forward pipeline softened, with total building permits down 3% to a 1.367 million annual rate, and single-family authorizations down to 871,000.

Housing completions rose to about 1.39 million annual units, and Odeta Kushi, Deputy Chief Economist at First American Financial Corporation, said the report’s headline strength could overstate homebuilding conditions because the gains were concentrated in a temporary multifamily surge.

More like this

Sources