Housing Starts And Completions For July

Mixed news greeted July housing: new permits and starts were down from June, but completions were up. The completions add to the supply of houses, likely depressing prices further, but lower prices and lower mortgage rates make owning a home more affordable, which will likely increase sales in the fall.

The US Census Bureau reported privately-owned housing units authorized by building permits in July 2011 were at a seasonally adjusted annual rate of 597,000. This is 3.2% below the revised June rate of 617,000, but 3.82% ahead of 575,000 in July 2010. Single-family authorizations in July were at a rate of 404,000, up 0.59% above the revised June figure of 402,000.

Privately-owned housing starts in July 2011 were at a seasonally adjusted annual rate of 604, 000. This is 1.5% below the revised June estimate of 613,000, but is 9.8% above the July 2010 rate of 550,000. Single-family housing starts in July were at a rate of 425,000, up 4.9% from the revised June figure of 447,000.

Privately-owned housing completions in July 2011 were at a seasonally adjusted annual rate of 636,000, 11.8% above the revised June estimate of 569,000 and 9.5% above the July 2010 rate of 581,000. Single-family housing completions in July were at a rate of 470,000, up 6.1% above the revised June rate of 443,000.