About 1.2 million new homes were completed in May, 5.6 percent more than in April and 14.6 percent more than in May 2016. Single-family home production was strong too, rising 4.9 percent from April and 12.8 percent from last May.
Realtor.com notes, though, that while completions were up, permits were down, indicating that fewer new homes will be put on the market over the next few months. Builders received 4.9 percent fewer home permits in May compared to April (and 1.9 percent fewer single-family homes).
Meanwhile, housing starts, which are the number of residences on which construction began, were down 5.5% from April and dipped 2.4% from May 2016.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds that beach homes are the most sought-after vacation-home type, and the investment potential of a second home is an important factor in homebuyers' purchasing decisions
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable