Housing Starts Increased to 1.321 million Annual Rate in June

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,321,000. This is 4.6 percent above the revised May estimate of 1,263,000, but is 0.5 percent below the June 2024 rate of 1,327,000. Single-family housing starts in June were at a rate of 883,000; this is 4.6 percent below the revised May figure of 926,000. The June rate for units in buildings with five units or more was 414,000.

Building Permits:
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,397,000. This is 0.2 percent above the revised May rate of 1,394,000, but is 4.4 percent below the June 2024 rate of 1,461,000. Single-family authorizations in June were at a rate of 866,000; this is 3.7 percent below the revised May figure of 899,000. Authorizations of units in buildings with five units or more were at a rate of 478,000 in June.
emphasis added

The first graph shows single and multi-family housing starts since 2000 (including housing bubble).

Multi-family starts (blue, 2+ units) increased sharply month-over-month in June. Multi-family starts were up 26.6% year-over-year. Single-family starts (red) decreased in June and were down 10.0% year-over-year.

The second graph shows single and multi-family starts since 1968.

Total housing starts in June were above expectations (due to volatile multi-family sector) and starts in April and May were revised up.

The third graph shows the month-to-month comparison for total starts between 2024 (blue) and 2025 (red).

Total starts were down 0.5% in June compared to June 2024. Year-to-date (YTD) starts are down 1.0% compared to the same period in 2024. Single family starts are down 6.9% YTD and multi-family up 15.7% YTD.

Multi-Family Housing Units Under Construction Remains Elevated

The fourth graph shows housing starts under construction, Seasonally Adjusted (SA).

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