Housing Starts Jump 6.9% in June

But permits to build new homes fell 3.7% during the month

   

June was a good month for home builders.

Housing starts rose 6.9% last month compared to May, according to data released today by the Commerce Department.

housing construction 630 200x200 Housing Starts Jump 6.9% in June
Homebuilder Confidence Up Sharply in July

The seasonally-adjusted housing start rate hit 760,000 for the month, the best rate since October 2008, the Associated Press noted.

Permits for new homes dropped 3.7% last month to a seasonally adjusted rate of 755,000, though permits for single family residences rose to their best showing since March 2010.

Housing starts for single family home posted their best numbers in two years, up in all regions nationwide.

Economists told the AP that the government’s numbers for June were “good” compared to recent monthly reporting, but they remain significantly below what would normally be considered strong numbers for the housing market.

Shares of Ryland (NYSE:RYL) and D.R. Horton (NYSE:DHI) rose fractionally in Wednesday trading, while shares of Toll Brothers (NYSE:TOL) dipped about 1%.


Article printed from InvestorPlace Media, http://investorplace.com/2012/07/housing-starts-jump-6-9-in-june/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.