Market Updates
Housing Permits, Starts and Completions Increased in May
Brian Turner
20 Jun, 2023
New York City
Housing market showed resilience despite elevated home prices, rising interest rates and tight market conditions.
Building permits, housing starts and completions rose in May from the previous month, the U.S. .Census Bureau and the U.S. Department of Housing and Urban Development reported Tuesday.
Seasonally adjusted residential building permits annual rate increased 5.2% to 1..49 million from 1.417 million in April but declined 12.7% from a year ago.
Single family resident permit increased 4.8% from April to 897,000 and multi-unit permits rose to 542,000.
Seasonally adjusted housing starts annual rate increased 21.7% from the April level to 1.631 million from 1.34 million and 5.7% from a year ago level of 1.543 million.
Housing starts were downwardly revised in April to 1.34 million from the previous estimate of 1.401 million units.
Single-family housing starts increased 18.5% to 997,000 units from April and multi-family rate was 624,000 units.
Housing completions annual rate increased 9.5% to 1,518 million from April and 5.0% from a year ago rate of 1.386 million.
Single-family housing completion rate in May increased 3.9% from April to 1.518 million and multi-family rate was 493,000.
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