By Dennis Norman, on August 17th, 2012
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for July 2012 showing mixed signals for the industry with an increase in single-family home building permits from the month before of 4.5 percent and a decrease of 6.5 percent in single-family starts from the month before.
Highlights from the July 2012 Report:
- Building permits issued for single-family residences were at an annual rate of 513,000 homes which is a 4.5 percent increase from the prior month and an increase of 23.0 percent from a year before.
- Housing starts for single-family residences were at an annual rate of 502,000 which is a decrease of 6.5 percent from the prior month and an increase of 17.0 percent from a year before.
- Homes completed were at an annual rate of 448,000 homes, which is a decrease of 5.9 percent from the prior month and a decrease of 7.2 percent from a year before.
As I say every month, we need to remember that all the numbers above are ?seasonally adjusted? annual rates and the year over year comparisons are just comparing the numbers for the current month versus the a year before. Another way I like to look at where things stand is to simply look at the year to date data; actual numbers, not seasonally adjusted, compared to last years ytd numbers at this same time. I think this may give a little better comparison so those numbers are below:
- For the month, there were 46,900 permits issued for new homes compared with 35,900 the same month of the prior year.
- For the month, there were 49,500 new homes started compared with 41,000 the same month of the prior year.
- For the month, there were 36,900 new homes completed compared with 40,200 the same month of the prior year
Recent reports have indicated that builders are more optimistic about the market and this optimism is perhaps reflected in the increase in building permits, however, the decrease in housing starts I think shows builders are proceeding cautiously which I personally think is a great idea.
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