New home starts on private residences have been teetering over the past few months, but rose 6.8% from the revised April estimate of 856,000, reaching 914,000 in May.
Housing starts year-over-year increased 28.6% from the May 2012 rate of 711,000, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
“Housing appears to still be on a moderate uptrend-but the numbers have been volatile and monthly averaging seems like a good idea,” commented analysts at Econoday.
Building permits for privately-owned housing units were at a seasonally adjusted annual rate of 974,000 in May, a 3.1% drop from the revised April rate of 1.01 million. However, this is 20.8% higher than the May 2012 estimate of 806,000 permits.
House completions in May were at a seasonally adjusted annual rate of 690,000 units, 0.9% below the revised April estimate of 696,000. May’s numbers were still 12.6% higher than the May 2012 rate of 613,000 completions.
Single-family authorizations rose 1.3% from April’s revised 614,000 to a rate of 622,000 in May.
“Overall, both single-family and multifamily components are adding-on average-to moderate growth in the housing sector,” Econoday analyst noted. “This is one sector of the economy where the Fed’s quantitative easing is showing a clear and positive impact and likely will be mentioned in tomorrow’s FOMC statement.”
The Standard & Poor’s baseline economic forecast expects an increase in total housing starts of about 28% this year, to one million units. In 2014, another 29% increase is anticipated, with starts reaching 1.3 million units.
The author of this article is: Megan Hokins
See the original post at: http://www.housingwire.com/news/2013/06/18/housing-starts-after-teetering-months
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com