June 25, 2012: Housing Continues Rebound as Single-Family Starts Rise 3.2 Percent in May
WASHINGTON — Single-family housing production increased for a third consecutive month and builders pulled more permits for both single- and multifamily construction in May, according to the latest figures released by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. The data reveals that the seasonally adjusted annual rate of single-family housing starts rose 3.2 percent to 516,000 units, which is the best pace since December 2011.
This report is “a good sign that builders are cautiously moving to replenish their depleted inventories of single-family homes in response to increasing buyer demand,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB). “In certain housing markets across the country, the momentum toward recovery is gradually building, though tough credit conditions and inaccurate appraisal values continue to weigh down that progress.”