Single-Family Housing Starts Increase 4.3% in August Over July but are Down -9.1% YTY

The U.S. Census Bureau said single-family housing starts in August were at a rate of 438,000 — 4.3 percent above the revised July figure of 420,000. Total housing starts rose 10.5 percent to a seasonally adjusted annual rate of 598,000 units in August.

“Construction activity returned to pre-home buyers tax credit levels in August as builders replaced sold single-family homes and begin replenishing apartment building supply after a three-year steady decline in multi-family construction,” said David Crowe, chief economist, National Association of Home Builders (NAHB), Washington, D.C.