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Economic News - New Residential Construction, June

The annual pace of building permits for new homes increased 16.1 percent in June (year-over-year) to 911,000 units. The overall pace remains far short of the 2.1 million-unit peak set in 2005 during the housing boom. Credit: U.S. Commerce Department

The pace of residential housing starts grew 10.4 percent in June (YoY) to an 836,000-unit annualized rate, but fell 9.9 percent from the revised May estimate of 928,000 units. New single-family home starts increased 11.5 percent (YoY) to a 591,000-unit rate in June, a slight decrease from the 596,000-unit pace in May.

Housing units under construction increased by 28.4 percent in June (YoY) to 624,000 units, a 0.5 percent improvement over the revised May estimate of 621,000 units. Single-family structures increased 19.8 percent (YoY) to 309,000 units, improving on May's revised total of 304,000 units.

Completed housing units increased by 20.2 percent in June (YoY) to a 755,000-unit annual rate, 6.3 percent above the revised May estimate of 710,000 units. The 554,000 single-family unit rate increased 15.4 percent year-over-year.

Monthly declines in multi-family unit building permits (-21.4 percent), construction starts (-26.8 percent) and units under construction (-0.3 percent) appeared in June, while figures for single-family units increased in every category. These indicators could support an industry shift back to single-family builds, away from the multi-family surge that followed the recession.

Existing Homes - June 2013 Annual Sales Rate (Seasonally Adjusted):

5.08 million units
Actual June Sales: 501,000 units
Last Month:
May 2013 Annual Rate:
o 5.14 million units
o -1.2% MoM
o Actual Sales: 514,000 units

Last Year:
June 2012 Annual Rate:
o 4.41 million units
o +15.2% YoY
o Actual Sales: 463,000 units

June Median Home Price
(All Homes):
o +13.5% YoY
o 16th consecutive month of YoY price increases

June Existing Housing Inventory:
2.19 million
o 7.6% less than June 2012
o 5.2-month supply at current sales rate
Credit: National Association of Realtors

o June Foreclosure Filings:
127,790 properties
Lowest level since Dec 2006
14% less than May filings
35% less than June 2012

o Foreclosure Filings, Jan-June 2013:
801,359 properties
23% less than Jan-June 2013
19% less than July-Dec 2012

o National Average, Foreclosure Length:
526 days

o Bank Repossessions YTD:
248,538 properties
2013 Total Repossessions (est.): >500,000 properties
2012 Total Repossessions: < 671,000 properties
Credit: RealtyTrac

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November 19, 2019, 11:36 pm PDT

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