Daily Newsletter: Wednesday, July 19, 2023

Daily Newsletter: Wednesday, July 19, 2023

Delivered to more than 70,000 industry professionals each day, the Daily Newsletter is the definitive compendium of the most relevant mortgage and real estate news and data of the day. View our latest newsletter below. View our latest newsletters below, or use the date selector to view our previous newsletters. The rate of building permits and housing decreased from its levels in May last month. The large increase in estimates from April to May has also been revised downward. The US Census Bureau and Department of Housing and Urban Development reported that housing starts in June were at a seasonally adjusted rate of 1.434 million units. This is down 8.0 percent from the 1,559 rate posted for May, a revision from the original estimate of 1.631 million. The pace of housing construction is now 8.1 percent lower than it was in June 2022. Single-family households declined 7.0 percent from May’s rate of 1.005 million units to 935,000 units, and homes beginning with five or more units decreased 11.6 percent to 482,000 units. Single-family starts were 7.4 percent and multiple-family starts were 11.2 percent lower than the previous year’s rates. On an unadjusted basis, the number of starts during the month is estimated at 133,800 compared to 143,500 in the prior month. Single-family starts are basically unchanged at just over 90,000 units. Residence permits were issued at a seasonally adjusted rate of 1.440 million units, down 3.7 percent from the May estimate of 1,496 units and 15.3 percent from the pace in May 2022. Single-family permits rose 2.2 percent to 922 thousand units, down 2.7 percent year-on-year. The annual rate of multi-family building permits of 467,000 was down 13.5 percent for the month and 33.1 percent year-over-year. Pre-seasonally adjusted, 135,500 permits were issued in June, 90,800 of which were for single-family homes. The figures for May were 139,600 and 88,900.

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