U.S. homebuilding increased more than expected in June, but permits for future home construction fell to an eight-month low, likely reflecting hesitancy caused by expensive building materials as well as shortages of labor and land.
The report from the Commerce Department on Tuesday suggested a severe shortage of houses, which has boosted prices and sparked bidding wars across the country, could persist for a while. Demand for houses is being driven by low mortgage rates and a desire for more spacious accommodations during the COVID-19 pandemic.
Housing starts rose 6.3% to a seasonally adjusted annual rate of 1.643 million units last month. Data for May was revised down to a rate of 1.546 million units from the previously reported 1.572 million units. Economists polled by Reuters had forecast starts would rise to a rate of 1.590 million units.
Dustin Jalbert, head of Fastmarkets RISI's lumber team, also noted that log prices are soaring in the interior of the Canadian province of British Columbia and duties are potentially set to increase on Canadian producers later this year.Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina, U.S., February 29, 2020.
Still, homebuilding remains underpinned by the dearth of homes available for sale. The inventory of previously-owned homes is near record lows, leading to double-digit growth in the median house price. Building permits fell in all four regions in June. Single-family permits dropped 6.3% to a rate of 1.063 million units, the lowest since August 2020. Permits for multifamily housing slipped 2.6% to a rate of 535,000 units.
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