Continuing an upward trend begun in May, single-family housing starts in June were at a rate of 453,000, up 9.4 percent from the revised May figure of 414,000, according to the U.S. Department of Commerce. Still, the most current rate is just 0.4 percent above the June 2010 rate for single-family starts of 451,000.
Overall housing starts-including multi-family units-reached an annual rate of 629,000, up 14.6 percent from the revised May estimate of 549,000. Since June 2010, overall housing starts are up 16.7 percent from a rate of 539,000.
"The latest housing production figures show broad-based gains on both the single-family side and in multifamily apartment construction, where we know that demand has been increasing due to the influx of renters in the market," said NAHB Chief Economist David Crowe. "Going forward, we expect to see a gradual upward trend in new-home production through the end of this year as consumers begin taking advantage of the buyers' market, though not without some bumps along the way."
