According to estimates from the US Housing and Urban Development and Commerce Department Wednesday, single-family housing starts in the US improved in June, consistent with the recent stabilization of the NAHB/Wells Fargo Housing Market Index (HMI). Single-family starts increased 3.5% to a 847,000 seasonally adjusted annual pace in June. Privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1,253,000. This is -0.9% below the revised May estimate of 1,265,000, but is +6.2% above the June 2018 rate of 1,180,000. The June rate for units in buildings with five units or more was 396,000.
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Privately‐owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,220,000. This is -6.1% below the revised May rate of 1,299,000 and is -6.6% below the June 2018 rate of 1,306,000. Single‐family authorizations in June were at a rate of 813,000; this is +0.4% above the revised May figure of 810,000. Authorizations of units in buildings with five units or more were at a rate of 360,000 in June.
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On a year-to-date basis, single-family starts in the US are -4.9% lower than the first six months of 2018. NAHB’s forecast, and the forward-looking HMI suggest that future data will show stabilization followed by slight gains due to recent declines in mortgage interest rates. The number of single-family units authorized but not under construction declined in June to 85,000 units, down from 90,000 a year ago and a potential signal of additional permit growth ahead. Single-family units authorized but not under construction reached a recent high of 103,000 in December.