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Because July was likely the last month to get home construction underway in time for families to take advantage of the government tax credit, it remains to be seen what the housing market will do in the next couple months. Nevertheless, another month of growth is encouraging news.
“Single-family housing starts posted a 1.7 percent gain to a seasonally adjusted annual rate of 490,000 units in July, while single-family permits registered a 5.8 percent gain to 458,000 units. Both of these were the highest levels registered since October of 2008. Meanwhile, multifamily starts tied a record low set in April of this year, falling 13.3 percent to a 91,000-unit rate. Multifamily permits fell 25.5 percent to 102,000 units.”
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