Single family homes crawl back up
While the number of total housing permits declined 3.1 percent in May, the number of single family housing permits increased 1.3 percent from April. Still, single family housing permits remained well below levels seen before the housing market crash.
Yesterday's New Residential Construction Report showed mixed results in May with an 6.8% increase to total housing starts and a 3.1% decline to total housing permits while single family housing permits improved on the month.
Single family housing permits, the most leading of indicators, increased 1.3% from April to 622K single family units (SAAR), and increased 24.6% above the level seen in May 2012 but still remained well below levels seen at the peak in September 2005.
Single family housing starts increased 0.3% from April to 599K units (SAAR), and rose 16.3% above the level seen in May 2012 but still remained well below the peak set in early 2006.
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