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Total housing starts declined 1.5 percent but the number conceals opposite moves in the single-family and multifamily sectors. Single-family starts declined 4.9 percent but from an elevated June figure. July single-family starts were even with the second quarter average and July single-family permits were also virtually unchanged from June and from the second quarter average. Builders continue to compete against low demand and excess supply in some markets from foreclosures, short sales and other distressed sales. Multifamily permits were down national and in all but the South region, suggesting some moderation in the growth in apartment building in the second half of 2011. Single-family permits were near even on a national level but up in the Northeast and West, even in the Midwest and down 1.4 percent in the South. Homes under construction remained near their levels of the past three months as builders saw no signs to either hurry or slow building activity. Housing completions surged in the South where single-family completions went from a second quarter average of 226,000 to 269,000 and multifamily went from a second quarter average of 40,000 to 92,000. Both increases were greater than the national increase and are likely catch up construction from unusually bad weather and floods. – Courtesy of NAHB |
