june housing startsBlog

june housing starts

Washington (AFP) - US home construction surged 17.3 percent in June, the Commerce Department said Friday, as the sector continued to gain ground following the disruption caused by the coronavirus pandemic.The rebound in housing starts compared to May saw the northeast -- home to the worst initial outbreak of COVID-19 -- spike 114.3 percent and the midwest and south also grow, though starts were down 7.5 percent in the west.Construction was at a seasonally adjusted annual rate of 1.186 million, above analysts' forecasts, however it was down 4.0 percent from June 2019, according to the monthly data report.The sector had started recovering in May after a steep decline in April, the first full month of business shutdowns to stop the spread of the coronavirus.Growth in June was seen both in single-family housing starts, which were up 17.2 percent, and in units of five or more, which rose 18.6 percent.Permits, a sign of demand in the pipeline, grew 2.1 percent from May fueled by single-family authorizations, which rose 11.8 percent while multi-unit permits decline.However, the number was 2.5 percent below the same month in 2019.The data "is only a bare, partial recovery," chief economist of the National Association of Realtors Lawrence Yun said in statement, adding that the United States needs at least 1.5 million new units to satisfy increased demand. This is also representing an annual drop, falling 2.5% from last year.The Bureau reported that housing completions were 4.3% above the May estimate of 1.17 million, growing to 1.22 million.

Homebuilder confidence has more than doubled in the last three months, indicating that builders are shedding any concerns associated with rising materials costs and land shortages, and diving right into a market that they believe will see enduring demand from would-be buyers, thanks in part to record-low mortgage rates and changing buyer preferences. Despite the increase last month, permits continue to lag housing starts, which suggests single-family homebuilding could remain sluggish.Starts for the volatile multi-family housing segment dropped 9.2% to a rate of 406,000 units last month.

We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Homebuyers have swiftly moved into the market to take advantage of the unimaginably low mortgage rates. --Housing starts, a measure of U.S. homebuilding, rose by 17.3% in June compared with May, to a seasonally adjusted annual rate of 1.186 million. An estimated 1.18 million housing starts were initiated in June, which is a sizable increase from the revised May estimate of 1.01 million. Search in content The housing starts report showed starts were up 17.3% in June compared to May, and starts were down 4.0% year-over-year compared to June 2019. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Single-family housing starts fell in the Northeast, but rose in the Midwest, West and South.Building permits tumbled 6.1% to a rate of 1.220 million units in June, the lowest level since May 2017. theMReport.com copyright 2020 is a registered trademark of The Five Star Institute , you’ll never miss another important headline in originations, lending, or servicing.

As a result, the housing market continues to struggle with tight inventory, leading to sluggish sales growth.The 30-year fixed mortgage rate has dropped to about 3.75% from a peak of 4.94% in November, according to data from mortgage finance agency Freddie Mac.

Further declines are likely as the Federal Reserve has signaled it would cut interest rates this month for the first time in a decade.A survey on Tuesday showed confidence among homebuilders increased in July. Single-family housing starts fell in the Northeast, but rose in the Midwest, West and South.Building permits tumbled 6.1% to a rate of 1.220 million units in June, the lowest level since May 2017.

The trend in housing starts was 199,655 units in June 2020, up from 197,063 units in May 2020, according to Canada Mortgage and Housing Corporation (CMHC). A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. 'Antifa' website cited in conservative media attack on Biden is linked to — wait for it — Russia'Disgusting' FC Dallas fans boo their own players for kneeling during the national anthemNew Zealand scrambles to track outbreak after 100 days without community transmission Growth in June was seen both in single-family housing starts, which were up 17.2 percent, and in units of five or more, which rose 18.6 percent. All things considered, new home sales have had a very strong spring and been one of the true bright spots for the economy in recent months – and builders have taken notice. It likely subtracted from GDP in the second quarter.The sector is being hamstrung by land and labor shortages, which are making it difficult for builders to fully take advantage of lower borrowing costs and construct more affordable housing units. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. "Beyond a near-term bounce that reflects demand for more space as more and more people work from home, a desire to live in less densely populated areas as well as low mortgage rates, the outlook for housing is likely weak as job and income losses curtail activity," she said in a note.Though US housing construction surged in June, they were still four percent below the same month in 2019 (AFP Photo/JUSTIN SULLIVAN)U.S. Companies Push for Leniency in Trump’s Ban of Chinese App WeChatQualcomm Still Wants to Sell Chips to Huawei for 3 ReasonsExclusive: U.S. ban on TikTok could cut it off from app stores, advertisers - White House documentJobless claims: New unemployment claims come in below 1 million for the first time since MarchTrump says he is holding up coronavirus aid to block Postal Service funds for voting by mailCan Neil Young Block Trump From Using His Songs?

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