June Housing Starts Up 8.3 Percent

June housing starts were at a seasonally adjusted annual rate of 1.22 million units, an increase of 8.3 percent compared with May’s rate of 1.12 million and 5.1 percent above the rate in June 2016 of 1.19 million, according to the U.S. Census Bureau.

Single-family housing starts in June were at a rate of 849,000, the second-highest rate it has been in 2017 and a 6.3 percent increase compared with May’s rate of 799,000. Multifamily starts were at 359,000, a 15.4 percent increase compared with May’s rate of 311,000.

"We are seeing housing production return to trend after a softer reading last month," said NAHB Chief Economist Robert Dietz in a statement. "The gradual growth in single-family starts in 2017 is in line with our forecast, and we should see this sector continue to strengthen throughout the year as consumers show interest in the housing market."

Month-over-month, starts in the Northeast increased 83.7 percent to 158,000. Starts in the Midwest grew 22 percent to 205,000. Starts in the South dipped 3.8 percent to 533,000, while starts in the West rose 1.6 percent to 319,000.

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