Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,559,000, which is 2% below the revised May estimate of 1,591,000 and is 6.3% below the June 2021 rate of 1,664,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
Single‐family housing starts in June were at a rate of 982,000, or 8.1% below the revised May figure of 1,068,000. The June rate for units in buildings with five units or more was 568,000.
“This report removes any doubt that the housing market has slowed in response to higher housing costs and faltering consumer confidence,” says Ali Wolf, chief economist at Zonda. “Slowing starts and permits make sense in uncertain times as builders take a moment to evaluate the demand backdrop and their pipeline. The majority of builders surveyed by Zonda anticipate slowing sales a bit more in the near-term as well.”
Housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,685,000, which is 0.6% below the revised May rate of 1,695,000, but is 1.4% above the June 2021 rate of 1,661,000. Single‐family authorizations last month were at a rate of 967,000, or 8% below the revised May figure of 1,051,000. Authorizations of units in buildings with five units or more were at a rate of 666,000.
June’s housing completions were at a seasonally adjusted annual rate of 1,365,000, which is 4.6% below the revised May estimate of 1,431,000, but is 4.6% above the June 2021 rate of 1,305,000. Single‐family housing completions last month were at a rate of 996,000, or 4.1% below the revised May rate of 1,039,000. The June rate for units in buildings with five units or more was 366,000.
