Homebuilding Rises, but Single-Family Construction Remains Soft

According to the US Census, the US housing construction posted mixed results in June as total housing starts rose 19% from May to a seasonally adjusted annual rate of 1.427 million units, driven by a sharp rebound in multifamily construction.

However, the single-family market remained weak. Single-family housing starts slipped 0.2% to 895,000 units, while single-family building permits fell 2.4%. Overall, building permits declined 3% to 1.367 million units, suggesting builders remain cautious despite the increase in apartment construction.