The Census Bureau, Washington, D.C., reported that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000, 21.7% above the revised April estimate.
Permits were also up more than 5% in May.
“Demand for new homes is strengthening because of a lack of existing home inventory,” says Alicia Huey, chairman of the National Association of Home Builders . “And while builders continue to grapple with elevated construction costs, an encouraging sign is a big gain in home sales priced in the $200,000 to $300,000 price range. In May 2022, just 5,000 homes sold in this range and that total increased to 12,000 in May 2023.”
