The new-home market continues to burn red hot, with the latest data out from the U.S. Census Bureau showing increases in permits, construction starts and completions. In fact, in February, privately‐owned housing completions last month were up 19.7 percent from January.
Privately‐owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,518,000. This is 1.9 percent above the revised January rate and is 2.4 percent above the February 2023 rate. Single‐family authorizations in February were at a rate of 1,031,000—1 percent above January. Authorizations of units in buildings with five units or more were at a rate of 429,000 in February.
Privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,521,000; 10.7 percent above the revised January estimate of 1,374,000 and 5.9 percent above February 2023. Single‐family housing starts were up 11.6 percent above the revised January figure.
Housing completions in February were up 9.6 percent annually last month. Single‐family housing completions in February were at a rate of 1,072,000; this is 20.2 percent above the revised January rate of 892,000.