AgentIndustry News

Census housing starts for July are a mixed bag

While permits fell significantly, especially in the Northeast, we’re still seeing much higher rates than same period last year

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Takeaways: Permits for residential construction fell 16.3 percent in July, but are still 7.5 percent higher than the numbers reported in July 2014. Housing starts rose 0.2 percent to a seasonally adjusted annual rate of approximately 1.21 million, from a substantially revised June estimate of slightly above 1.2 million -- making July the best month for starts since late 2007. Multifamily unit construction fell 17.1 percent from June to July, and 2.1 percent from July 2014. Single-family starts fared a bit better, increasing 12.8 percent to 782,000 from June’s rate of 693,000 and 19 percent over the same period last year. The U.S. Census Bureau’s numbers for July housing starts are in, and the news is mixed, especially when you compare it to other recent analyst estimates. According to the Census Bureau and Department of Housing and Urban Development’s joint release of new residential construction statistics for last month, housing starts in July were more sluggish ...