New Home Construction at Highest Levels in Almost 4 Years
Housing Starts Increase 6.9% from May to June
According the Census Bureau, housing starts have increased 23.6% from the same time last year, at a seasonally adjusted rate of 760,000 units per year, and at the highest level since October 2008. Single family housing starts increased 4.7% from May to June of this year (seasonally adjusted rate of 539,000 homes per year), a 21.7% increase from this same time last year, and the highest level since April 2010. This increase in new home construction corresponds with a spike in the National Association of Home Builders/Wells Fargo Housing Market Index in July 2012 to 36, the highest point since March 2007.