Housing Starts Rise in July almost Six Percent

Signifying continuing recovery of the housing market, housing starts nationwide jumped 5.9 percent to a seasonally annual adjusted rate (SAAR) of 896,000 units in July, led by a sharp rebound in the multifamily sector, strong enough to offset a slight loss in the single-family home market. According to the National Association of Home Builders (NAHB), figures released by the U.S. Department of Housing and Urban Development (HUD) and the Census Bureau report multifamily starts grew by 26 percent over June, to a SAAR of 305,000, offsetting a dip the previous month. Single-family fell housing starts hit 2.2 percent to a SAAR of 591,000. Regionally, housing starts rose 40.2 percent in the Northeast, 25.4 percent in the Midwest and 7.2 percent in the West. The South dropped seven percent. MHProNews understands building permits rose 2.7 percent nationally, increasing in all four regions.

(Photo credit: comstockpremium)

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