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.
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.