Housing starts, building permits, and completions for June
- Prior housing starts 1.631M (data was much higher than the estimate of 1.400M) revised lower to 1.559M
- Prior building permits 1.491M (estimate last month was 1.420M)
- Housing starts 1.434M versus estimate of 1.480M
- Building permits for June 1.440M vs 1.490M estimate
- Building permits -3.7% versus +5.6% last month
- Housing starts -8.0% vs +15.7% last month (revised from 21.7% previously reported)
- In June, privately-owned housing completions reached a seasonally adjusted annual rate of 1,468,000, marking a 3.3% decrease from the revised May estimate of 1,518,000.
- YoY Housing completions are up 5.5% vs June 2022 rate of 1,392,000.
- The completion rate for single-family housing was 986,000 in June, 2.8% lower than the revised May rate of 1,014,000.
- The rate for units in buildings with five or more units was 476,000 in June.
After the spike in housing starts in May, the number returned back toward the recent trends.
Despite the spike higher in rates, there is still a need for more supply in the US housing market as prices still remain relatively elevated and the affordability as a result of high prices and high rates is prohibitive for many new buyers.
