Tag: housing starts
Total housing starts fell 8.7 percent in February to a seasonally adjusted annual rate of 1.16 million units from an upwardly revised reading in January, according to a report from the U.S. Housing and Urban Development and Commerce Department that was delayed due to the partial government shutdown.
Total housing starts rose 18.6 percent in January to a seasonally adjusted annual rate of 1.23 million units from a downwardly revised reading in December.
Rising housing affordability issues continue to hinder single-family production even as total housing starts increased in November.
Housing starts for October came in 3.2 percent below expectations at 1,228,000, a 2.9 percent drop from October of last year.
Sales of newly built, single-family homes rose 3.5 percent in August to a seasonally adjusted annual rate of 629,000 units after downwardly revised June and July reports.
Housing starts for July came in at 1,168,000, 7.3% below the consensus of 1,260,000 and only 0.9% above last month's number of 1,158,000, which was revised down by 15,000 units. This is the worst two month stretch for starts since April/May of last year.
Total housing starts fell 12.3 percent in June to a seasonally adjusted annual rate of 1.17 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced new residential construction statistics for May 2018.
While March results for both housing starts and permits were strong, the residential market is facing a confluence of challenges including low inventory, constrained labor, and rising material costs, ultimately creating a growing bubble of pent up demand and affordability challenges.
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