Washington, DC CNN —US home building surged in May, climbing 21.7% from April, as low inventory in the existing home market continued to boost interest in new homes.
Housing starts, a measure of new home construction, came in far beyond expectations that they would decline by 0.1%, according to data released Tuesday by the Census Bureau.
The number of single‐family units rose in May to 1.631 million, above expectations for 1.40 million and above the revised April estimate of 1.34 million.
Building permits, which track the number of new housing units granted permits, also rose in May, after dropping in March and April.
The National Association of Home Builders/Wells Fargo Housing Market Index gauges market conditions and looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.
Persons:
”, Robert Dietz, ” Dietz, Alicia Huey
Organizations:
DC CNN, Housing, Census, National Association of Home Builders, Federal Reserve
Locations:
Washington, Wells Fargo