Permits, a sign of demand in the pipeline, grew 2.1 percent from May fueled by single-family authorizations, … Further declines are likely as the Federal Reserve has signaled it would cut interest rates this month for the first time in a decade.A survey on Tuesday showed confidence among homebuilders increased in July. "The housing market is hot. In all of the nation’s 50 largest metro... Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. The NAHB/Wells Fargo homebuilder sentiment index showed rising optimism in June, and July’s numbers show home builder sentiment continued upward from June, hovering around pre-pandemic levels.,” Ratiu said.He added that home builders are in a “solid position to respond” to new buyer preferences, especially with the shrinking inventory of existing homes.One deterrent could be the rising cost of lumber, labor, and construction materials, which may push home prices higher and “out of reach” for first-time buyers.Odeta Kushi, Deputy Chief Economist, First American Financial, said homebuilder optimism has recovered amidst robust demand.“Pent-up demand from a deferred spring home-buying season and historically low mortgages rates have resulted in a strong V-shaped recovery for the housing market, and builders are taking note,” she said.Although June’s numbers lag behind priors years’, the monthly increase indicates builders are responding to the need for more homes.“More inventory will reduce the pressure from the lack of supply in today’s market,” Kushi said.Doug Duncan, Chief Economist, Fannie Mae, said new single-family sales have outpaced new single-family starts in recent months and the ratio between the two remained at the highest level since May 2009.“We expect to see continued strength in single-family starts and a leveling off of single-family sales in the third quarter, bringing that ratio more in line with historical norms. The housing starts report showed starts were up 17.3% in June compared to May, and starts were down 4.0% year-over-year compared to June 2019. This is also representing an annual drop, falling 2.5% from last year.The Bureau reported that housing completions were 4.3% above the May estimate of 1.17 million, growing to 1.22 million. This is 17.3 percent (±11.0 percent) above the revised May estimate of 1,011,000, but is 4.0 percent (±9.1 percent)* below the June 2019 rate of 1,235,000. Starts are likely to advance further in the coming months. Housing completions rose 4.3% from May and are up 5.1% from June 2019 Building permits were up 2.1% from May and down 2.5% from June 2019, to 1,241,000. If you wish to report an issue or seek an accommodation, please Zillow, Inc. has a real estate brokerage license in multiple states. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. An estimated 1.18 million housing starts were initiated in June, which is a sizable increase from the revised May estimate of 1.01 million. Single family starts … Search in pages Washington (AFP) - US home construction surged 17.3 percent in June, the Commerce Department said Friday, as the sector continued to gain ground following the disruption caused by the coronavirus pandemic.The rebound in housing starts compared to May saw the northeast -- home to the worst initial outbreak of COVID-19 -- spike 114.3 percent and the midwest and south also grow, though starts were down 7.5 percent in the west.Construction was at a seasonally adjusted annual rate of 1.186 million, above analysts' forecasts, however it was down 4.0 percent from June 2019, according to the monthly data report.The sector had started recovering in May after a steep decline in April, the first full month of business shutdowns to stop the spread of the coronavirus.Growth in June was seen both in single-family housing starts, which were up 17.2 percent, and in units of five or more, which rose 18.6 percent.Permits, a sign of demand in the pipeline, grew 2.1 percent from May fueled by single-family authorizations, which rose 11.8 percent while multi-unit permits decline.However, the number was 2.5 percent below the same month in 2019.The data "is only a bare, partial recovery," chief economist of the National Association of Realtors Lawrence Yun said in statement, adding that the United States needs at least 1.5 million new units to satisfy increased demand.
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