Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1.18 million, a 4.8 percent increase compared with May’s rate of 1.13 but a 2.0 percent decrease from the year-over-year rate of 1.2 million, according to the U.S. Census Bureau.
Single-family housing starts in June were at a seasonally adjusted annual rate of 778,000. This is 4.4 percent above the May rate of 745,000 and 13.5 percent above the June 2015 rate of 686,000.
"The June report is consistent with our forecast for a gradual but consistent recovery of the housing market," said Robert Dietz, National Association of Home Builders chief economist, in a statement. "Single-family production should continue to strengthen throughout the year, buoyed by job growth, new household formations and low mortgage interest rates."
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1.15 million, 1.5 percent higher than the May rate of 1.13 but 13.6 percent lower than the June 2015 rate of 1.33 million.
