Single-Family Housing Starts Increase +1.3% in July to 876,000 Units

Privately owned housing starts in July were at a seasonally adjusted annual rate of 1,191,000, -4% below the revised June estimate of 1,241,000, but +0.6% above the July 2018 rate of 1,184,000.  Single-family housing starts in July were at a rate of 876,000, + 1.3% above the revised June figure of 865,000.  Robert Dietz, the chief economist for the National Association of Homebuilders (NAHB), Washington, DC, said in his Eye on Housing blog, “Given reduced mortgage interest rates and improved inventory levels, we expect continued modest gains for single-family construction bringing 2019 totals to relatively flat conditions. This matches the signal provided by the NAHB/Wells Fargo HMI, which improved to a positive level of 66 in August.”