Featured News

Last Month Saw Housing Starts Rise by 5.9%

Figures from the US Census Bureau and the HUD show that the seasonally adjusted annual rate of nationwide housing starts rose to 896,000 units in July. Multifamily construction increased compared to the previous month, while single-family construction declined slightly compared to June.

photo credit: edgygrrrl via photopin cc

According to the article in RISMedia, builders are trying to keep pace with demand for new apartments and homes, and the pace of construction is well above that recorded a year ago. However new housing starts are being constrained due to limited supplies of lots, problems with accessing credit, and labor problems. This is something that is particularly affecting single-family builders.

The latest figures are seen as being in line with expectations, and it's predicted that housing starts and permits activity will continue to strengthen for the rest of the year. Apparently the increase in multifamily housing starts was expected, while the slight decline in single-family homes is thought to be due to particularly wet weather in the South and West. In July single-family housing starts fell by 2.2% with a seasonally adjusted annual rate of 591,000 units. However multifamily homes saw a 26% increase to reach 305,000 units.

Regionally, the number of new housing starts increased by 40.2% in the North East, by 25.4% in the Midwest, and by 7.2% in the West. However the South saw a decline of 7%. The number of building permits issued is often regarded as being an indication of future activity and this increased by 2.7% to reach 943,000 units last month. The number of single-family permits decreased by 1.9% to 613,000 units, but figures had been particularly strong the previous month. The number of new multifamily permits issued increased by 12.6% to reach 330,000 units. The number of permits issued regionally increased across the board last month, and the Northeast saw gains of 1%, the Midwest gains of 2.8%, the South gains of 1.1%, and the West saw gains of 7.1%.

Allison Halliday

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.

Recent Posts

Mortgages with Low Credit Scores - Your Guide to Affordable Home Financing

'Mortgages with Low Credit Scores Mortgages with low credit scores can appear challenging, but there…

4 hours ago

Best Cars for Realtors in 2023

In the fast-paced world of real estate, a reliable and efficient vehicle is often an…

1 day ago

How is immigration affecting the real estate and housing market

Immigration can have several effects on the real estate and housing market in any given…

2 days ago


The nSkope Predictive Analytics Report unveiled today showed that families with children under 24 years…

2 days ago

ERA REAL ESTATE EXPANDS PRESENCE IN INDIANAPOLIS METRO Top-Performing Independent Brokerage in Putnam County Becomes ERA® Powered

ERA Real Estate®, a global franchising leader within the Anywhere portfolio of brands, announced today…

2 days ago

How to Get the Most Out of Your Home Equity Loan: 6 Optimal Strategies

In this ever-changing financial landscape, homeowners now have the keys to unlock a new wealth-building…

2 days ago