Single‐family housing starts in April were at a rate of 1.031 million in April, according to new data from the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.4% below the revised March figure of 1.035 million.
Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1.36 million, which is 5.7% above the revised March estimate of 1.28 million but is 0.6% below the April 2023 rate of 1.368 million.
Single‐family authorizations in April were at a rate of 976,000, which is 0.8% below the revised March figure of 984,000. Authorizations of units in buildings with five units or more were at a rate of 408,000 in April. Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1.44 million, which is 3% below the revised March rate of 1.48 million and 2% below the April 2023 rate of 1.47 million.
Single‐family housing completions in April were at a rate of 1.092 million, which is 15.4% above the revised March rate of 946,000. Privately‐owned housing completions in April were at a seasonally adjusted annual rate of 1.62 million, which is 8.6% above the revised March estimate of 1.49 million and is 14.6% above the April 2023 rate of 1.41 million.
National Association of Realtors Chief Economist Lawrence Yun observed the data reaffirmed that “the country needs around 1.6 million or higher for a few years to truly bring about a balance in the housing sector. On a positive note, albeit only for the short term, the completion of homes is rising due to past months’ higher housing starts. The 1.62 million housing unit completions in April was the second-highest monthly figure in 15 years.”
First American Deputy Chief Economist Odeta Kushi viewed the data as a mixed picture.
“Single-family starts were down in April as mortgage rates increased,” Kushi said. “Single-family permits, a leading indicator of future starts, decreased for the third consecutive month, signaling single-family production may decline further in months to come. A bright spot in today’s report is the increase in single-family completions. Completions were up 15% compared to last month, and nearly 14% higher than one year ago. Single-family completions reached the highest level since November 2022 – this is new supply that can immediately help offset current housing shortages.”
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