KEY MARKET INDICATORS as of Jun 26, 2018
May Housing Starts and Home Sales
Homebuilding activity picked up in May. Homebuilders reported housing starts at a seasonally adjusted annual rate of 1.35 million units in May, an increase of 64,000 units or 5% from the revised April figure. That was the highest level for housing starts since July 2007. Single family housing starts increased by by 35,000 units from April to 936,000, reaching the second-highest level since August 2007. Multi-family housing starts increased by 29,000 units to 414,000. Regionally, single-family housing starts saw strong year-over-year growth across all the census regions, with growth rates ranging from 13% and 19%. Despite shortages of workers and land, and higher material costs, homebuilders are experiencing some of the best market conditions since 2007 with strong buyer demand. Historically, housing starts have averaged around 1.5 million units a year, so the current level of housing starts remains low compared to historical levels and should continue to grow.
Tian Liu, Genworth MI Chief Economist
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