Housing Up For May, Good News In the Market

New residential housing starts in May 2023 and has experienced a large surge of 21.7 percent since the previous month, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

For seasonally adjusted annual rates, housing starts increased to 1.63 million in May, up 21.7 percent from April 2023 and up 5.7 percent from May 2022.

Single-family housing starts increased to 997,000 in May, up 18.5 percent from April and down 6.5 percent from May 2022.

Housing permits issued in May were up 5.2 percent from April and down 12.7 percent from last year, to 1.49 million, furthermore, the number of completed homes was 1.52 million in May, up 9.5 percent from April and up 5 percent year-over-year.

Read the full report, here.

Posted June 20, 2023