Housing Starts Up 6.2% Year-Over-Year in June

June housing starts increased 6.2% year-over-year to a seasonally adjusted rate of 1.25 million, the U.S. Census Bureau reported.

The rate is down 0.9% compared with May housing starts. The month-over-month decline was due to a 9.2% drop in multifamily housing starts in May. Single family starts jumped 3.5%.

“The monthly pick up from May to June in single-family starts is in line with the slight rise in our latest builder confidence survey, as demand remains solid due to a healthy job market,” National Association of Home Builders Chairman Greg Ugalde stated.

Building permits dropped 6.1% during the month and are down 6.6% compared with June 2018 rates.

Housing completions fell 4.8% in June, down 3.7% year-over-year.

Regionally, housing starts rose 31.3% in the Northeast and 27.1% in the Midwest. Starts decreased 9.2% in the South and 4.9% in the West.

The full U.S. housing starts report can be found here.