Housing Starts Exceed Expectations
By KIMBERLEY HAAS
Privately-owned housing starts surpassed estimates in May, beating expectations as the housing market remains tight.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced the latest residential construction statistics on Tuesday morning.
“Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7% (±14.8%) above the revised April estimate of 1,340,000 and is 5.7% (±10.8%) above the May 2022 rate of 1,543,000. Single‐family housing starts in May were at a rate of 997,000; this is 18.5% (±14.1%) above the revised April figure of 841,000,” a press release says.
Principal Kelly Mangold of RCLCO Real Estate Consulting in Maryland said this is the second month in a…