The U.S. Census Bureau and the HUD Department announced the new homes construction stats for July 2008 today. Total building permits were at a seasonally adjusted annual rate of 937,000 which was 17.7% below June 2008 and was down 32.4% from a year ago. Most of the dropoff from the previous month was due to the new construction code in New York City that went into effect on July 1. 1 unit permits were at a seasonally adjusted annual rate of 584,000 which was down 5.2% from last month and down 41.4% from a year ago. 1 unit permits are at their lowest annual rate since August 1982.
Total housing starts were at a seasonally adjusted annual rate of 965,000 which was down 11.0% from the previous month, and down 29.6% below July 2007. 1 unit starts were at 641,000 which is down 2.9% from June 2008 and down 39.2% from a year ago. Housing completions were at a seasonally adjusted annual rate of 1,035,000 (1 units were at 791,000) which was 8.7% below the previous month, and 31.7% below June 2007. The amount of new homes being built is starting to equal demand. However, there still remains a large amount of inventory.
Sphere: Related Content
No comments:
Post a Comment