Updated: 16-Jun-17 09:19 ET
|Updated: 16-Jun-17 09:19 ET
starts ran at a seasonally adjusted annual rate of 1.092 million in May
(Briefing.com consensus 1227K), down 5.5% from the revised April rate of 1.156
million. On a year-over-year basis, housing starts were down 2.4%.
permits also declined, falling 4.9% month-over-month to a seasonally adjusted
annual rate of 1.168 million. Permits for single-family units declined 1.9% as
compared to April.
- The overall decline in starts was paced by a
9.8% drop in multi-unit dwellings. Single-family starts declined 3.9% after
ticking up 0.4% in April.
- Single-family starts jumped 12.5% in the
Northeast, rose 9.5% in the Midwest, declined 8.9% in the South, and fell 4.9%
in the West.
- Single-family building permits increased 1.9% in
the Northeast, increased 2.4% in the South, declined 12.9% in the Midwest, and
declined 5.2% in the West.
- The total number of units under construction at
the end of the period declined 0.7% to 1.067 million. This was also down 0.7%
when compared to the first quarter average of 1.075 million.
- The key takeaway from the report relates to the
continued decline in single-family permits, which means supply shortages and
affordability constraints are likely to persist in the new home market.
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