CNBC’s Diana Olick reports that single-family home starts were up 2% annually in July, despite new housing starts falling overall.
Single family housing starts jump despite an overall drop in home building from CNBC.
“The headline housing number was lower because of multifamily, which is very volatile,” Olick told CNBC’s The Exchange. “So I want to focus on single family, because it’s key in this falling rate environment.”
“Those starts were up 1% for the month and 2% annually,” Olick explains. “Single family starts in the first half of this year were down 6% compared with the first half of last year. So any gains in this month we’re seeing are pretty good, especially given how low the supply of all homes for sale is right now.
Advertisement
Related Stories
Market Data + Trends
Data Show New-Home Construction Starts Slowed at the End of 2023
Despite falling mortgage rates and a continuing shortage of housing inventory, the annual pace of new-home construction slowed in December
Housing Markets
Top 10 Metros for New Homes in 2024
Punta Gorda, Fla., and Myrtle Beach, S.C., top the list of places where new-home construction is booming
New-Construction Projects
US Housing Starts See Unexpected Surge in November
Census Bureau data show new-home construction was up 14.8% in November, suggesting the housing crunch may be easing