Confidence Fueling Housing Starts
Housing starts bounced back in June, according the U.S. Government. The figures point to the unrelenting buyer demand to meet housing shortages across the country. The report show that starts rebounded from May’s drop as residential construction picked up its pace in June.
Fast Stats
According to the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development:
■ Privately-owned housing starts increased to a seasonally adjusted rate of 1.22 million in June
■ June’s report is an increase of 8.3% from May’s 1.12 million and up 1.2% from 2016’s 1.19 million
■ Single-family housing starts increased 6.3% to 849,000 homes in June, up from 799,000 in May
■ Privately-owned housing units authorized by building permits increased to a seasonally adjusted annual rate of 1.25 million, a 7.4% increase from 1.17 million in May and a 5.1% improvement from 1.19 million in 2016
■ Single-family authorizations increased by 4.1% from May’s 779,000 to 811,000 in June
■ Privately-owned housing completions increased 5.2% from May’s 1.14 million and 8.1% from 1.11 million in June 2016 to a seasonally adjusted annual rate of 1.2 million in June
“Single-family homes continue to show steady growth, which is an encouraging sign as we move through the warm summer months, especially in areas like the Midwest and Northeast,” said Bill Banfield, Quicken Loans executive vice president of capital markets.
ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.