Housing starts easily top expectations in June

Wells Fargo Research Team Wells Fargo

Summary

Housing Starts Easily Top Expectation in June

Housing starts rose 6.3% in June to a 1.643 million-unit pace, with both single-family and multifamily starts rising solidly. Data for May were revised slightly lower. The net result is still stronger than had been expected, however, and new home construction and apartment development both appear to be regaining any momentum they lost earlier this spring. Supply chain concerns continue to bedevil home builders, but shortages are beginning to ease somewhat, and price increases, most famously for lumber, have begun to moderate. Permits, which have been running well ahead of starts this year, fell 5.1% in June to a 1.598 million-unit pace, roughly consistent with starts.

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Wells Fargo Research Team

Wells Fargo

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