Groundbreakings of new homes in the US surged to a seven-year high in April before falling 11 per cent last month, the Commerce Department said Tuesday. The level of activity remained stable in May at an annual rate of 1.04 million units, and signs pointed to further gains in coming months.
Housing Starts, US
US housing starts have increased 6 per cent year-to-date.
Permits to build new homes surged 12 per cent last month to an annual rate of 1.275 million, the highest since August 2007. Permits for apartment construction surged, while permits for single-family homes, a much broader segment, rose modestly.
As of April, the market for new homes had 4.8 months of supply, compared with 5.6 months a year ago.