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Home builders continue to dial back the production of new homes, with new housing starts reaching a 17-year low in May. Further, the data points to future declines in starts as the market continues to correct.
From Calculated Risk:
Building permits decreased:
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 969,000.
This is 1.3 percent below the revised April rate of 982,000 and is 36.3 percent below the revised May 2007 estimate
of 1,522,000.Single-family authorizations in May were at a rate of 623,000; this is 4.0 percent below the April figure of 649,000.
The declines in permits suggest further declines in starts next month.
On housing starts:
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 975,000. This is 3.3 percent below the
revised April estimate of 1,008,000 and is 32.1 percent below the revised May 2007 rate of 1,436,000.Single-family housing starts in May were at a rate of 674,000; this is 1.0 percent (±9.9%)* below the April figure of 681,000.
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