US new home building climbs in June
Print Edition
US homebuilders ramped up construction in June to the fastest pace in four months, led by surges in the Northeast and Midwest.
Housing starts climbed 8.3 percent in June to a seasonally adjusted annual rate of 1.22 million, the Commerce Department said yesterday. The gain ended three straight monthly declines and marked the strongest pace of building since February. Home construction has risen 3.9 percent year-to-date, but that slight increase has been unable to make up for the decrease in existing homes being listed for sale.
The June housing figures point to healthy demand that new construction alone has been unable to satisfy. Fewer existing homes are being listed for sale, while purchase prices for newly built homes have surged at pace more than six times wage growth. As a result, more Americans are rushing to buy homes but are struggling to do so because of a lack of supplies and higher costs.
So far this year, builders have turned their attention toward single-family houses and away from rental apartments. Starts of single-family houses have risen 7.9 percent, while construction of multi-family buildings has slipped 4.2 percent.
Housing starts jumped a stunning 83.7 percent in the Northeast and 22 percent in the Midwest.
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