Privately owned housing starts and new construction authorized by permits were both above last month’s levels in the single-family sector, according to data released Thursday by the U.S. Census Bureau. The upward trend is likely welcomed for an industry marred by low inventory and rising prices. 

“With such low levels of inventory across the country, this continued construction is needed to maintain the momentum of home sales we experienced throughout the summer,” Bill Banfield, Quicken Loans’ executive vice president of capital markets, said in a statement. “It will also play an especially important role in making sure home prices remain affordable for buyers, and not counteract the savings gained from historically low-interest rates.”

In total, privately owned housing units authorized by building permits dropped 0.9 percent month over month and 0.1 percent year over year in August. Single-family permits were 6 percent above July levels.

Privately owned housing starts were down 5.1 percent month over month but up 2.8 percent year over year. Single-family housing starts in August were up 4.1 percent for the month prior.

While the forward-looking indicators may signal relief in the near term, privately-owned housing completions were down 7.5 percent month over month and 2.4 percent year over year in August. Even the single-family sector was down 4.4 percent from the month prior.

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×