Privately owned housing starts in June were at a seasonally adjusted rate of 836,000, down 9.9 percent from May, according to the U.S. Department of Commerce. The rate is 10.4 percent above the June 2012 estimate. Single-family housing starts were down 0.8 percent from May to 591,000, whereas multi-family housing starts fell 26.2 percent.
"The large dip in multifamily production in June follows a boost of activity in May, and is consistent with the volatility that has come to characterize that sector as well as the uneven pace of the housing recovery," noted NAHB Chief Economist David Crowe. "That said, the fact that single-family starts and permits both rose in three out of four regions in June is a positive sign that's in keeping with our forecast as well as recent surveys in which single-family builders have registered an increasingly positive outlook."
The number of building permits for privately owned housing units was down 7.5 percent to 911,000, but that is 16.1 percent above the June 2012 rate.
The rate of housing completions in June rose 6.3 percent from May to 755,000, however, single-family completions were down 1.1 percent to 554,000.
