US housing starts dropped 0.9 percent from a month earlier to a seasonally adjusted annual rate of 1,253 thousand units in June 2019, compared to market expectations of 1,261 thousand and following a revised 0.4 percent fall in May.
Starts for the volatile multi-family housing segment tumbled 9.2 percent to a rate of 406 thousand units in June; while single-family homebuilding, which accounts for the largest share of the housing market, rebounded 3.5 percent to a rate of 847 thousand units. Declines in housing starts were recorded in the South (-9.2 percent to 635 thousand) and West (-4.9 percent to 312 thousand), while increases were seen in the Northeast (31.3 percent to 109 thousand) and Midwest (27.1 percent to 197 thousand).
Building permits tumbled 6.1 percent to a rate of 1,220 thousand units in June, the lowest level since May 2017, while markets had expected a 0.1 percent increase. Permits for the volatile multi-family housing segment dropped 16.8 percent to 407 thousand, while single-family authorizations rose 0.4 percent to 813 thousand. Across regions, permits were lower in the South (-10.4 percent to 618 thousand), West (-7.9 percent to 313 thousand) and Midwest (-0.6 percent to 172 thousand), but were higher in the Northeast (21.9 percent to 117 thousand).
Year-on-year, housing starts increased 6.2 percent while building permits fell 6.6 percent.
7/17/2019 12:56:04 PM