“This month’s uptick in production is an indicator that the housing market continues to move forward,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “At the same time, builders are adding inventory at a cautious pace as they face lot shortages and regulatory hurdles.”
“The June report is consistent with our forecast for a gradual but consistent recovery of the housing market,” said NAHB Chief Economist Robert Dietz. “Single-family production should continue to strengthen throughout the year, buoyed by job growth, new household formations and low mortgage interest rates.”
Single-family housing starts rose 4.4 percent to a seasonally adjusted annual rate of 778,000 units in June while multifamily production ticked up 5.4 percent to 411,000 units.
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