Thursday, June 17, 2010

Housing Starts Fall 10.0%, Single Family Starts Down 17.2%

In May, housing starts plunged 10.0% to an annualized pace of 693,000 units. This brings the rate down to its lowest level since December. As seen in other housing market indicators, a ramp up in housing starts occurred going into April as the homebuyer tax credit caused an increase in sales. Following the expiration of the credit, demand has fallen off. Single family starts fell by an even larger 17.2%. In contrast, the far more volatile multi-family component jumped 33.0%. From a year prior, single family starts were up 13.9%. Total starts were up 7.8%.

New building permits, which tend to lead future starts, continued to decline, falling by 5.9%. Single family permits fell 9.9%.

10.06.16 (Source: Census Bureau)

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