The new home market continued to be a bright spot for residential real estate last month according to the latest numbers from the U.S. Census Bureau. In July, privately‐owned housing starts were at a seasonally adjusted annual rate of 1,452,000. This is 3.9 percent above the revised June estimate and 5.9 percent above the July 2022 rate of 1,371,000.
Single‐family housing starts in July were at a rate of 983,000, up 6.7 percent above the revised June figure of 921,000.
Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,321,000. This is 11.8 percent below the revised June estimate and 5.4 percent below the July 2022 rate of 1,396,000. Single‐family housing completions in July were 1.3 percent above the revised June rate of 1,005,000.
Looking at what’s in the pipeline, privately‐owned housing units authorized by building permits in July were just 0.1 percent above the revised June rate of 1,441,000, but 13 percent below the July 2022 rate of 1,658,000. Single‐family authorizations in July were at a rate of 930,000; this is 0.6 percent above the revised June figure. Authorizations of units in buildings with five units or more were at a rate of 464,000 in July.