7/20: METROINTELLIGENCE ECONOMIC UPDATE – P. Duffy

Builder confidence dips two points to 64 as lumber prices take a toll

Builder confidence in the market for newly-built single-family homes slipped two points in July to a level of 64 from a downwardly revised June reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). It is the lowest reading since November 2016.

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June housing starts rebounded 8.3 percent from May, up 2.1 percent year-on-year 

Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000. This is 8.3 percent above the revised May estimate of 1,122,000 and is 2.1 percent above the June 2016 rate of 1,190,000.

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June building permits rebounded 7.4 percent from May, up 5.1 percent year-on-year

Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000. This is 7.4 percent above the revised May rate of 1,168,000 and is 5.1 percent above the June 2016 rate of 1,193,000.

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