WASHINGTON–The housing market remains strong, although ongoing inventory shortages and rising rates may be contributing to a slowing of new housing starts.
Data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development show that privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,311,000. This is 1.5% above the revised June rate of 1,292,000 and is 4.2% above the July 2017 rate of 1,258,000, the government said. Single-family authorizations in July were at a rate of 869,000; which was 1.9% above the revised June figure of 853,000. Authorizations of units in buildings with five units or more were at a rate of 410,000 in July, the figures show.
Housing Starts
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,168,000. This is 0.9% above the revised June estimate of 1,158,000, but is 1.4% below the July 2017 rate of 1,185,000. Single-family housing starts in July were at a rate of 862,000; this is 0.9% above the revised June figure of 854,000. The July rate for units in buildings with five units or more was 303,000, the government said.
Housing Completions
Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,188,000, 1.7% below the revised June estimate of 1,209,000 and 0.8% below the July 2017 rate of 1,197,000. Single-family housing completions in July were at a rate of 814,000; 5.2% below the revised June rate of 859,000. The July rate for units in buildings with five units or more was 371,000, the government said.