Housing Starts for May, 2009
by Tom on June 16, 2009
in Market Musings, house prices
Here’s a quick overview of the housing report:
- Up for the month of May compared to April.
- WAY down compared to May of 2008.
Calculated Risk has more details (see below) but until we work through inventory issues that are plaguing more markets in the US, we aren’t going to see a signficant recovery in home building.
Check out the chart that Calculated Risk did as well.
Tom Vanderwell
Calculated Risk: Housing Starts May
Building Permits:
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 518,000. This is 4.0 percent (±1.7%) above the revised April rate of 498,000, but is 47.0 percent (±2.1%) below the May 2008estimate of 978,000.Single-family authorizations in May were at a rate of 408,000; this is 7.9 percent (±1.5%) above the revised April figure of 378,000.
Housing Starts:
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 532,000. This is 17.2 percent (±14.4%) above the revised April estimate of 454,000, but is 45.2 percent (±5.8%) below the May 2008 rate of 971,000.Single-family housing starts in May were at a rate of 401,000; this is 7.5 percent (±14.2%)* above the revised April figure of 373,000.
