by Calculated Risk on 7/20/2021 08:37:00 AM
From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,643,000. This is 6.3 percent above the revised May estimate of 1,546,000 and is 29.1 percent above the June 2020 rate of 1,273,000. Single-family housing starts in June were at a rate of 1,160,000; this is 6.3 percent above the revised May figure of 1,091,000. The June rate for units in buildings with five units or more was 474,000.
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,598,000. This is 5.1 percent below the revised May rate of 1,683,000, but is 23.3 percent above the June 2020 rate of 1,296,000. Single-family authorizations in June were at a rate of 1,063,000; this is 6.3 percent below the revised May figure of 1,134,000. Authorizations of units in buildings with five units or more were at a rate of 483,000 in June.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) increased in June compared to May. Multi-family starts were up 31% year-over-year in June.
Single-family starts (blue) increased in June, and were up 28% year-over-year (starts slumped at the beginning of the pandemic).
The second graph shows the huge collapse following the housing bubble, and then the eventual recovery (but still not historically high).
Total housing starts in June were above expectations, however starts in April and May were revised down.
I’ll have more later …