Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
W S

Single-family home starts stall out at 0.8% April growth

13.2% jump in overall starts almost entirely multifamily

Sunset
/ Print / Reprints /
| Share More
/ Text Size+

Single-family housing starts stalled out in April, rising just 0.1%. If builders and the industry were looking for a break out of pent-up home demand, it wasn’t there.

Overall, starts advanced with a 13.2% monthly jump, but that was almost entirely due to a 40% spike in multifamily rental projects. The 1.072 million unit pace was up 26.4% on a year-ago basis. Analysts expected 0.980 million units for April, according to the U.S. Census Bureau.

The April surge was all multifamily. The single-family component edged up a mere 0.8% in April, following a 9.3% jump the prior month.

Housing permits gained 8%, following a 1.1% dip the prior month. The annualized rate of 1.080 million units topped expectations for 1.020 million units and was up 3.8% on a year-ago basis. Again, strength was in the multifamily component which was up 19.5% while the single-family component rose a modest 0.3%.

Housing appears to be on a dual track with the multifamily component more positive than the single-family component. The divergence in the components is consistent with the housing market index which has leveled off.

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,080,000. This is 8% (±0.7%) above the revised March rate of 1,000,000 and is 3.8% (±0.9%) above the April 2013 estimate.

Single-family authorizations in April were at a rate of 602,000; this is 0.3% (±0.8%)* above the revised March figure of 600,000. Authorizations of units in buildings with five units or more were at a rate of 453,000 in April.

Privately-owned housing completions in April were at a seasonally adjusted annual rate of 847,000. This is 3.9% (±10.1%)* below the revised March estimate of 881,000, but is 21.2% (±13.6%) above the April 2013 rate of 699,000.

Single-family housing completions in April were at a rate of 602,000; this is 2.4%(±10.3%)* below the revised March rate of 617,000. The April rate for units in buildings with five units or more was 242,000.

Recent Articles by Trey Garrison

Comments powered by Disqus