Housing starts increased 17.3% in June to a seasonally adjusted annual rate of 1.2 million, the U.S. Census Bureau reports. Year-over-year, housing starts declined 4.0%.
"Fueled in part by record low mortgage rates, builders are seeing solid demand for housing despite the challenges of the virus and elevated unemployment," stated Chuck Fowke, chairman of the National Association of Home Builders.
Regionally, June housing starts soared 114.3% in the Northeast; 29.3% in the Midwest; and 20.2% in the South. The West had a decline of 7.5%.
June building permits had a 2.1% increase compared with May, but declined 2.5% year-over-year. Housing completions jumped 4.3% from May, and are up 5.1% compared with June 2019.
The full June housing report can be found here.
