Here are my updates for July 23, 2013
Housing starts decline 9.9%
The Commerce Department’s residential construction report released Wednesday morning showed an unexpected downturn for housing starts.
Housing starts in June were at a seasonally adjusted annual rate of 836,000. That’s down 9.9% from the upwardly revised May estimate. Compared with a year ago, however, June starts were up 10.4%.
May’s starts figure was revised upward from 914,000 to 928,000. Analysts had expected a June figure above 950,000.
Building permits also disappointed. Permits came in at a pace of 911,000 — down 7.5% from the previous month. Compared with a year ago, building permits were up 16.1% from a very weak June 2012.
Single-family housing starts were less volatile in June, showing a decline of 0.6% and an annual rate of 624,000.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”