New Housing Numbers Flash Signs of Continued Growth
In a sign that the housing market continues to show forward momentum, single-family permits posted an 11.9 percent gain in May, while total housing starts increased 4.3 percent to a seasonally adjusted annual rate of 974,000 units, according to a report from the U.S. Housing and Urban Development and Commerce Department.
The May reading of 974,000 starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 0.1 percent to a 675,000 seasonally adjusted annual rate, after an upward revision for the April estimate. The multifamily sector, which includes apartment buildings and condos, increased 15.0 percent to a 299,000 pace.