Click image
for larger view
Click image
for larger view
Total
housing starts advanced
noticeably in July, to a seasonally adjusted and annualized rate (SAAR) of 1.093
million units -- the fastest rate since November 2013. That level was 148,000 more
units (15.7 percent) than June’s 945,000 (upwardly revised from the initial
estimate of 893,000), and just 1.1 percent below November’s peak of 1.105
million units. Nearly two-thirds of the total increase occurred in the multi-family
component (98,000 units or 28.9 percent); single-family starts rose by 50,000
units (8.3 percent).
Click image
for larger view
Unsurprisingly,
the year-over-year percentage change in total starts also picked up speed in July,
jumping to 20.2 percent. Single-family starts were 7.3 percent above their year-earlier
level; the more volatile multi-family component surged to 48.1 percent above its
July 2013 level.
Click image
for larger view
Click image
for larger view
Completions
increased by 30,000 units (3.7 percent) in July, to 841,000 units SAAR. All of
the increase occurred in the single-family component (+37,000 units or 6.2
percent) as the multi-family component decreased (-7,000 units or 3.3 percent).
Total completions were 5.2 percent above their year-earlier level.
Click image
for larger view
Click image
for larger view
Total
permits rose by 79,000 units (8.1 percent), to 1.052 million SAAR in July. Similar
to the case with starts, the increase occurred almost entirely in the
multi-family component (73,000 units or 21.5 percent). Single-family permits inched
higher (6,000 units or 0.9 percent). Total permits were 7.6 percent above
year-earlier levels -- single- and multi-family components were, respectively, 3.9
and 14.6 percent higher.
It
is still too early to tell whether the slide in the rate of annual growth in
total permits seen since late 2012 has come to an end. That may be the case, as
the latest National Association of Home Builders/Wells Fargo Housing Market
Index (HMI) rose two points in August, to 55; this third consecutive
monthly gain brings the index to its highest level since January. An index
value above 50 means more builders feel the market is good than feel it is
poor.
Click image
for larger view
The foregoing comments represent the general
economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.