While it still may be many months away, a wave of new homes are headed to the market with news that housing starts saw a huge uptick in May. According to the U.S. Census Bureau, privately‐owned housing starts in May were up 21.7 percent compared to the month prior.
Building permits in May were at a seasonally adjusted annual rate of 1,491,000. This is 5.2 percent above the revised April rate but 12.7 percent below May 2022.
Privately‐owned housing completions in May were at a seasonally adjusted annual rate of 1,518,000—9.5 percent above April and 5 percent above May 2022. Single‐family housing completions in May were at a rate of 1,009,000; this is 3.9 percent above the revised April rate of 971,000.