U.S. housing starts rise in January

Miami /
Feb.February 16, 2012 03:45 PM

After falling by in December, housing starts increased in January and nearly returned to November’s high on a seasonally-adjusted annual basis, according to data released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Overall, housing starts rose 1.5 percent in January from the previous month and stood 9.9 percent above the level recorded in the first month of 2011. The seasonally adjusted annual rate of 699,000 homes is still far below the 1.2 million new units that analysts say signal a healthy housing market.

Much of the increase can be attributed to structures with at least five units, which rose 14.4 percent. Single-family housing starts fell 1 percent from December but remain 16.2 percent higher than last January, which was previously a source of optimism for home builders.

“The fact that the three-month moving average for housing starts has now increased for nine consecutive months and is approaching the 700,000 mark for the first time since October of 2008 is indicative of a solid recovery in housing activity,” said National Association of Home Builders chief economist David Crowe. “That said, housing production is still far from what would be considered normal in a healthy market.”— Adam Fusfeld


Related Articles

arrow_forward_ios
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...