Single-family home starts reach highest rate in more than two years: VIDEO
September 19, 2012 02:30PM
More new single-family homes started construction in the U.S. in August, on a seasonally adjusted basis, than during any month since April 2010, according to Census Bureau data released today. It?s the latest sign confidence in the housing market is improving.
Overall, new homes were started at a seasonally adjusted annual rate of 750,000 units in August, 2.3 percent more than the July estimate, but just shy of the figure achieved following June?s huge surge. Housing starts were up 29.1 percent over the prior-year month (watch a CNBC video on the data above).
The gain was led by single-family houses, an important indicating sector for home builders because it is less volatile than the multi-family construction market. Single-family homes were started at a seasonally adjusted annual rate of 535,000, 5.5 percent above July?s rate and 26.8 percent above the rate in August 2011. Multi-family construction starts dipped 2.8 percent, but remain 36.8 percent greater than last year?s rate.
?Builders across the country have been reporting noticeable improvement in the number of serious buyers who are in the market for a new home, and today?s report shows that this is translating to some welcome gains in construction activity,? National Association of Home Builders Chairman Barry Rutenberg said in a separate statement.
In the northeast, 12.6 percent fewer homes were started, on an adjusted basis, than began construction in July, but single-family starts were up 4.5 percent in that period.
Meanwhile, nationwide housing completions ticked up 0.7 percent month-over-month, and permits for new buildings slumped 1.0 percent from July?s seasonally adjusted rate.
Year to date, 504,300 housing units have been started. Last year, just 608,800 units were started all year. ??Adam Fusfeld
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