Single-family housing starts ticked up 0.4% from March to a seasonally adjusted annual rate of 1,031,000 in April, according to the U.S. Census Bureau and Department of Housing and Urban Development.
Privately owned housing started in April sat at a seasonally adjusted annual rate of 1,360,000, 5.7% above the March estimate and 0.6% below the April 2023 rate of 1,368,000. The April starts rate for units in buildings with five units or more was 322,000.
“Home builders continued their shift from building apartments to building single-family houses,” Holden Lewis, home expert for NerdWallet, says. “They broke ground on about 18% more houses in April compared to a year earlier, while starting about 33% fewer apartments. Builders made this pivot because house prices are rising swiftly, while apartment rents are relatively flat.”
Privately owned building permits in April ran at a seasonally adjusted annual rate of 1,440,000, a 3% decline on a month-over-month basis and a 2% drop on a year-over-year basis. Single-family permit authorizations were at a rate of 976,000, 0.8% below the revised March figure of 984,000. Authorizations of units in buildings with five units or more were at a rate of 408,000 in April.
Private housing completions in April increased 8.6% on a month-over-month basis to 1,623,000. The estimate is 14.6% higher than the April 2023 completions rate. Single-family completions in April were at a rate of 1,092,000, 15.4% higher than the March estimate. The April rate for units in buildings with five units or more was 516,000.
This story appeared on Builder Online
