US Building Houses Again

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The number of housing starts in the U.S. is 10.4 percent above June 2012 levels and the number of building permits for private home construction is 16.1 percent above year-ago levels, according to data released today by the U.S. Department of Housing and Urban Development.

Housing completions rose to an annualized rate of 755,000, 20.2 above the rate a year ago.

The number of housing starts is now at a seasonally-adjusted rate of 836,000, compared to 757,000 in June, 2012. The housing start rate dropped 9.9 percent from May, but HUD makes a point of discounting the month-to-month fluctuations in the market.

"Month-to-month changes in seasonally adjusted statistics often show movements which may be irregular," the report states. "It may take two months to establish an underlying trend for building permit authorizations, four months for total starts, and six months for total completions."

The number of building permits authorized in June - a leading indicator of home construction - is now at a seasonally adjusted rate of 911,000, compared to 785,000 in June, 2012.