The U.S. Census Bureau and the HUD Department announced the new homes construction stats for June 2008 today. Total building permits were at a seasonally adjusted annual rate of 1,091 and was 11.5% higher than May 2008 but was down 23.9% from a year ago. Per the U.S. Commerce Department, "A new construction code that took effect in New York City on July 1 prompted builders to start construction on, and seek permits for, condos and apartments a month earlier." 1 unit permits were at a seasonally adjusted annual rate of 613,000 which was down 3.5% from last month and down 39.7% from a year ago. 1 unit permits are at their lowest annual rate since January 1991.
Total housing starts were at a seasonally adjusted annual rate of 1,066,000 which was up 9.1% over the previous month, but 26.9% below April 2007. Again the increase was due to the NYC building code changes. 1 unit starts were at 683,000 which is down 5.3% from May 2008 and down 43.0% from a year ago. Housing completions were at a seasonally adjusted annual rate of 1,167,000 (1 units were at 859,000) which was 1.2% higher than the previous month, and 21.7% below June 2007.
Excluding the New York City market, home builders are continuing to pare down their construction in order to shrink supply to meet the low demand.
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