Housing Starts Dip from April

While housing starts dipped in May month-over-month, they were up 9.4 percent from the same time in 2013.

According to data released by the U.S. Department of Housing and Urban Development (HUD), there were a little over 1 million housing starts in May, about 6.5 percent below the revised April estimates. There were about 625,000 single family housing starts in May; about 5.9 percent below the revised April figure of 664,000. The May rate for units in buildings with five units or more was 366,000, according to HUD estimates.

While housing starts dipped, housing completions in May were higher than originally estimated. According to HUD, there 897,000 privately owned housing completions in May; 6.8 percent above the April estimate, and 24.8 percent higher than the May 2013 rate of 719,000. Single family housing completions edged up 2.1 percent and the May completion rate for buildings with five or more units was 269,000.

Read the full report here.