【World Property Journal】Single Family Housing Starts in U.S. Rise in June

According to the U.S. Housing and Urban Development and Commerce Department, single-family gains helped offset a drop in multifamily production as total housing starts edged 0.9 percent lower in June 2019 to a seasonally adjusted annual rate of 1.25 million units.

The June 2019 reading of 1.25 million 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 3.5 percent to 847,000 units. The multifamily sector, which includes apartment buildings and condos, fell 9.2 percent to a 406,000 pace.

"The monthly pick up from May to June in single-family starts is in line with the slight rise in our latest builder confidence survey, as demand remains solid due to a healthy job market," said Greg Ugalde, chairman of the National Association of Home Builders (NAHB).

"The relatively flat housing starts data in June is due to a decline in multifamily production, which still remains somewhat elevated due to affordability concerns in the for-sale market," said NAHB Chief Economist Robert Dietz. "The Census data show that the only region showing single-family construction gains for the first half of 2019 is the South, where housing is generally more affordable relative to incomes."

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