US June housing starts 1.434M versus 1.480M estimate

<ul><li>Prior housing starts 1.631M (data was much higher than the estimate of 1.400M) revised lower to 1.559M</li><li>Prior building permits 1.491M (estimate last month was 1.420M)</li><li>Housing starts 1.434M versus estimate of 1.480M</li><li>Building permits for June 1.440M vs 1.490M estimate</li><li>Building permits -3.7% versus +5.6% last month</li><li>Housing starts -8.0% vs +15.7% last month (revised from 21.7% previously reported)</li><li>In June, privately-owned housing completions reached a seasonally adjusted annual rate of 1,468,000, marking a 3.3% decrease from the revised May estimate of 1,518,000. </li><li>YoY Housing completions are up 5.5% vs June 2022 rate of 1,392,000. </li><li>The completion rate for single-family housing was 986,000 in June, 2.8% lower than the revised May rate of 1,014,000. </li><li>The rate for units in buildings with five or more units was 476,000 in June.</li></ul><p>After the spike in housing starts in May, the number returned back toward the recent trends.</p><p>Despite the spike higher in rates, there is still a need for more supply in the US housing market as prices still remain relatively elevated and the affordability as a result of high prices and high rates is prohibitive for many new buyers.</p>

This article was written by Greg Michalowski at www.forexlive.com.