Housing starts fall in July due to tight supply lines

 

 

Rising  home prices are one of the factors  contributing to drag on new construction.

Mike Fratantoni, the Mortgage Bankers Association‘s chief economist reported, “There are now 690,000 single-family homes under construction – the largest number since 2007. This is clearly a positive sign given the remarkably low levels of inventory on the market.”

Pending Home Sales for July 2021 will be released on Monday, August 30, 2021, at 10:00 a.m. Eastern.

Existing-Home Sales for July 2021 will be released on Monday, August 23rd, 2021, at 10:00 a.m. Eastern.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly

announced the following new residential construction statistics for July 2021:

NEW RESIDENTIAL CONSTRUCTION JULY 2021

Building Permits: 1,635,000

Housing Starts: 1,534,000

Housing Completions: 1,391,000

Next Release:  September 21, 2021

Seasonally Adjusted Annual Rate (SAAR)

Source:  U.S. Census Bureau, HUD, August 18, 2021

Building Permits

Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of  1,635,000.  This is 2.6 percent (±0.9 percent) above the revised June rate of 1,594,000 and is 6.0 percent (±0.9  percent) above the July 2020 rate of 1,542,000.  Single‐family authorizations in July were at a rate of 1,048,000; this  is 1.7 percent (±0.8 percent) below the revised June figure of 1,066,000.  Authorizations of units in buildings with five units or more were at a rate of 532,000 in July.

Housing Starts

Privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,534,000.  This is 7.0 percent  (±8.9 percent)* below the revised June estimate of 1,650,000 but is 2.5 percent (±10.9 percent)* above the July 2020 rate of 1,497,000.  Single‐family housing starts in July were at a rate of 1,111,000; this is 4.5 percent (±9.9 percent)* below the revised June figure of 1,163,000. The July rate for units in buildings with five units or more was 412,000.

Housing Completions

Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,391,000.  This is 5.6percent (±16.4 percent)* above the revised June estimate of 1,317,000 and is 3.8 percent (±14.4 percent)* above the July 2020 rate of 1,340,000.  Single‐family housing completions in July were at a rate of 954,000; this is 3.6 percent (±16.1 percent)* above the revised June rate of 921,000. The July rate for units in buildings with five units or more was 426,000.


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