Housing Starts Slide 9.9 Percent in June
Multifamily starts drop 7.5 percent; single family dips 0.8 percent for month.
New home starts declined in June, largely due to a 7.5 percent month-over-month drop in multi-family starts from May. Some industry aanalysts suspect builders, skittish about the recovery, are holding back production to tightly control inventory and maintain prices.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2013:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 911,000. This is 7.5 percent (±1.0%) below the revised May rate of 985,000, but is 16.1 percent (±1.7%) above the June 2012 estimate of 785,000.
Single-family authorizations in June were at a rate of 624,000; this is 0.6 percent (±1.2%)* above the revised May figure of 620,000. Authorizations of units in buildings with five units or more were at a rate of 261,000 in June.
HOUSING STARTS
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 836,000. This is 9.9 percent (±11.4%)* below the revised May estimate of 928,000, but is 10.4 percent (±14.9%)* above the June 2012 rate of 757,000.
Single-family housing starts in June were at a rate of 591,000; this is 0.8 percent (±11.0%)* below the revised May figure of 596,000. The June rate for units in buildings with five units or more was 236,000.
HOUSING COMPLETIONS
Privately-owned housing completions in June were at a seasonally adjusted annual rate of 755,000. This is 6.3 percent (±14.1%)* above the revised May estimate of 710,000 and is 20.2 percent (±12.3%) above the June 2012 rate of 628,000.
Single-family housing completions in June were at a rate of 554,000; this is 1.1 percent (±13.6%)* below the revised May rate of 560,000. The June rate for units in buildings with five units or more was 188,000.
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