Housing Starts During April 2023

The U.S. Commerce Department this morning released its Housing Starts report for April 2023:

---------------------------------------------------

Housing Starts:
Predicted: 1,400,000
Actual: 1,401,000

Change From Previous Month: +2.19% (+30,000 New Units)

• Change From One Year Previous: -22.3% (-402,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,400,000
Actual: 1,416,000

Change From Previous Month: -1.46% (-21,000 New Permits)

• Change From One Year Previous: -21.11%  (-379,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
+ Building Permits
+ Completions
 April 2023 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During November 2022

The U.S. Commerce Department this morning released its Housing Starts report for November 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,500,000
Actual: 1,427,000

Change From Previous Month: -0.49% (-7,000 New Units)

• Change From One Year Previous: -16.35% (-279,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,400,000
Actual: 1,342,000

Change From Previous Month: -11.24% (-170,000 New Permits)

• Change From One Year Previous: -22.38%  (-387,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
+ Building Permits
+ Completions
November 2022 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During August 2022

The U.S. Commerce Department this morning released its Housing Starts report for August 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,600,000
Actual: 1,575,000

Change From Previous Month: +12.18% (+171,000 New Units)

• Change From One Year Previous: -0.063% (-1,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,600,000
Actual: 1,517,000

Change From Previous Month: -9.97% (-168,000 New Permits)

• Change From One Year Previous: -14.39%  (-255,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
+ Building Permits
+ Completions
August 2022 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During July 2022

The U.S. Commerce Department this morning released its Housing Starts report for July 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,500,000
Actual: 1,446,000

Change From Previous Month: -9.57% (-153,000 New Units)

• Change From One Year Previous: -8.07% (-127,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,700,000
Actual: 1,674,000

Change From Previous Month: -1.3% (-22,000 New Permits)

• Change From One Year Previous: +1.15%  (+19,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
+ Building Permits
+ Completions
 July 2022 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During June 2022

The U.S. Commerce Department this morning released its Housing Starts report for June 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,600,000
Actual: 1,559,000

Change From Previous Month: -2.011% (-32,000 New Units)

• Change From One Year Previous: -6.31% (-105,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,700,000
Actual: 1,685,000

Change From Previous Month: -0.59% (-10,000 New Permits)

• Change From One Year Previous: +1.44%  (+24,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

 

 CHART: Housing Starts
+ Building Permits
+ Completions
June 2022 Update

 

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During May 2022

The U.S. Commerce Department this morning released its Housing Starts report for May 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,600,000
Actual: 1,549,000

Change From Previous Month: -14.42% (-261,000 New Units)

• Change From One Year Previous: -3.49% (-56,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,700,000
Actual: 1,695,000

Change From Previous Month: -7.021% (-128,000 New Permits)

• Change From One Year Previous: +0.237%  (+4,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

 

CHART: Housing Starts
+ Building Permits
+ Completions
May 2022 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During April 2022

The U.S. Commerce Department this morning released its Housing Starts report for April 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,780,000
Actual: 1,724,000

Change From Previous Month: -0.231% (-4,000 New Units)

• Change From One Year Previous: +14.551% (+219,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,850,000
Actual: 1,819,000

Change From Previous Month: -3.193% (-60,000 New Permits)

• Change From One Year Previous: +3.06%  (+54,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

 

CHART: Housing Starts
+ Building Permits
+ Completions
April 2022 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During March 2022

The U.S. Commerce Department this morning released its Housing Starts report for March 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,780,000
Actual: 1,793,000

Change From Previous Month: +0.28% (+5,000 New Units)

• Change From One Year Previous: +3.942% (+68,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,850,000
Actual: 1,873,000

Change From Previous Month: +0.429% (+8,000 New Permits)

• Change From One Year Previous: +6.724%  (+118,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

 

CHART: Housing Starts
March 2022 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During February 2022

The U.S. Commerce Department this morning released its Housing Starts report for February 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,700,000
Actual: 1,769,000

Change From Previous Month: +6.76% (+112,000 New Units)

• Change From One Year Previous: +22.25% (+322,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,800,000
Actual: 1,859,000

Change From Previous Month: -1.9% (-36,000 New Permits)

• Change From One Year Previous: +7.71%  (+133,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

 

 CHART: Housing Starts
February 2022 Update

 

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During January 2022

The U.S. Commerce Department this morning released its Housing Starts report for January 2022:

---------------------------------------------------

Housing Starts:
Predicted: 1,700,000
Actual: 1,638,000

Change From Previous Month: -4.098% (-70,000 New Units)
Change From One Year Previous: +0.8% (+13,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,800,000
Actual: 1,899,000

Change From Previous Month: +0.743% (+14,000 New Permits)
Change From One Year Previous: +0.85%  (+16,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
January 2022 Update
 

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During December 2021

The U.S. Commerce Department this morning released its Housing Starts report for December 2021:

---------------------------------------------------

Housing Starts:
Predicted: 1,700,000
Actual: 1,702,000

Change From Previous Month: +1.43% (+24,000 New Units)
Change From One Year Previous: +2.47% (+41,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,800,000
Actual: 1,873,000

Change From Previous Month: +9.09% (+156,000 New permits)
Change From One Year Previous: +6.54%  (+115,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts
December 2021 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Pending Home Sales Index for November 2021

The Pending Home Sales Index (PHSI) report for November 2021 was released by The National Association of Realtors® (NAR) this morning:

==========

Predicted: Unchanged.

• Actual: 122.4

==========

-- Previous Month (revised): 125.2

-- 12 Months Previous: 125.8

•  Change from Previous Month: -2.236% (-2.8 points)
  
  
•  Change from One Year Previous: -2.703% (-3.4 points)

==========

• Click here to view Pending Home Sales Index data.
  
  
• PHSI Methodology
  

========

 

From the NAR website:

• An index above 100 coincides with a historically high level of home sales activity.
  
  
• An index of 100 is equal to the average level of contract activity during 2001, the first year to be analyzed. Coincidentally, 2001 was the first of four consecutive record years for existing-home sales. 2001 sales are fairly close to the higher level of home sales expected in the coming decade relative to the norms experienced in the mid-1990s. As such, an index of 100 coincides with a historically high level of home sales activity.
  

========

 

From Today's Report:

"...Pending home sales slipped in November, receding slightly after a previous month of gains, according to the National Association of Realtors®. Each of the four major U.S. regions witnessed contract transactions decline month-over-month. Year-over-year activity mostly retreated too, as three regions reported drops and only the Midwest saw an increase.

The Pending Home Sales Index (PHSI), www.nar.realtor/pending-home-sales, a forward-looking indicator of home sales based on contract signings, fell 2.2.% to 122.4 in November. Year-over-year, signings slid 2.7%. An index of 100 is equal to the level of contract activity in 2001.

"There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices," said Lawrence Yun, NAR's chief economist. "While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability."

Yun notes that housing demand continues to be high, explaining that homes placed on the market for sale go from "listed status" to "under contract" in approximately 18 days.

"Buyer competition alone is unrelenting, but home seekers have also had to contend with the negative impacts of supply chain disruptions and labor shortages this year," he said. "These aspects, along with the exorbitant prices and a lack of available homes, have created a much tougher buying season."

Yun adds that a countrywide surge of the omicron variant poses a risk to the housing market's performance, as buyers and sellers are sidelined, and home construction is delayed.

Realtor.com®'s Hottest Housing Markets (link is external) most recent data showed that out of the largest 40 metros, the most improved markets over the past year were Orlando-Kissimmee-Sanford, Fla.; Tampa-St. Petersburg, Fla.; Dallas-Fort Worth-Arlington, Texas; Jacksonville, Fla.; and Denver-Aurora-Lakewood, Colo..."

========
   

 Housing Snapshot
Pending Home Sales
November 2021

 ========

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Housing Starts During November 2021

The U.S. Commerce Department this morning released its Housing Starts report for November 2021:

---------------------------------------------------

Housing Starts:
Predicted: 1,600,000
Actual: 1,679,000

Change From Previous Month: +11.784% (+177,000 New Units)
Change From One Year Previous: +8.253% (+128,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,600,000
Actual: 1,712,000

Change From Previous Month: +3.569% (+59,000 New permits)
Change From One Year Previous: +0.943%  (+16,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts - November 2021 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Housing Starts During October 2021

The U.S. Commerce Department this morning released its Housing Starts report for October 2021:

---------------------------------------------------

Housing Starts:
Predicted: 1,600,000
Actual: 1,520,000

Change From Previous Month: -0.654% (-10,000 New Units)
Change From One Year Previous: +0.396% (+6,000 New Units)

---------------------------------------------------

Building Permits:
Predicted: 1,600,000
Actual: 1,650,000

Change From Previous Month: +4.035% (+64,000 New permits)
Change From One Year Previous: +3.448%  (+55,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts - October 2021 Update

=================

• Click here to view the full Commerce Department report (PDF)

================

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Pending Home Sales Index for July 2021

The Pending Home Sales Index (PHSI) report for July 2021 was released by The National Association of Realtors® (NAR) this morning:

==========

Predicted: Unchanged.

• Actual: 110.7

==========

-- Previous Month (revised): 112.7

-- 12 Months Previous: 121.0

•  Change from Previous Month: -1.775% (-2.0 points)
  
  
•  Change from One Year Previous: -8.512% (-10.3 points)

==========

• Click here to view Pending Home Sales Index data.
  
  
• PHSI Methodology
  

========

 

From the NAR website:

• An index above 100 coincides with a historically high level of home sales activity.
  
  
• An index of 100 is equal to the average level of contract activity during 2001, the first year to be analyzed. Coincidentally, 2001 was the first of four consecutive record years for existing-home sales. 2001 sales are fairly close to the higher level of home sales expected in the coming decade relative to the norms experienced in the mid-1990s. As such, an index of 100 coincides with a historically high level of home sales activity.
  

========

 

From Today's Report:

"...Pending home sales dipped modestly in July, noting two consecutive months of declines, according to the National Association of Realtors®.  Only the West region registered a month-over-month gain in contract activity, while the other three major U.S. regions reported drops. All four regions saw transactions decrease year-over-year.

The Pending Home Sales Index (PHSI), www.nar.realtor/pending-home-sales, a forward-looking indicator of home sales based on contract signings, declined 1.8% to 110.7 in July. Year-over-year, signings fell 8.5%. An index of 100 is equal to the level of contract activity in 2001.

'The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers,' said Lawrence Yun, NAR's chief economist. 'That said, inventory is slowly increasing and home shoppers should begin to see more options in the coming months.

'Homes listed for sale are still garnering great interest, but the multiple, frenzied offers -- sometimes double-digit bids on one property -- have dissipated in most regions,' Yun said. 'Even in a somewhat calmer market, a number of potential buyers are still choosing to waive appraisals and inspections.'

As of July, 27% of buyers bypassed appraisal and inspection contingencies. By refraining from these evaluations, in most cases, buyers are looking to accelerate the homebuying process, according to Yun.

July Pending Home Sales Regional Breakdown

Month-over-month, the Northeast PHSI fell 6.6% to 92.0 in July, a 16.9% decrease from a year ago. In the Midwest, the index dropped 3.3% to 104.6 last month, down 8.5% from July 2020.

Pending home sales transactions in the South declined 0.9% to an index of 130.9 in July, down 6.7% from July 2020. The index in the West rose 1.9% in July to 99.8, but still down 5.7% from a year prior.

The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

====================

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales are not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population..."

========
 

Housing Snapshot
Pending Home Sales
July 2021

 ========

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