New Housing Starts Jumps in June Nationwide: Increase in Building Permits Seen in Boston Real Estate Market and Across U.S.
Although the economy continues to be something of a mixed bag, the Boston real estate market and others across the United States received some positive news in June. New housing starts and permits for construction saw a nearly 4 percent increase over all in the month of June. Boston Single family home starts have seen particular improvement, increasing at a rate of over 14 percent in June. (The increase in single family home starts is the biggest rise seen in the national market since December of 2004.)
According to governmental report issued in the aftermath of this development, there is now some reason to believe that the housing sector may be at a juncture at which it is beginning to stabilize. Although not precisely mirroring national trends, the Boston real estate market is also showing improvement in the realm of new home starts as well, including single family residences.
In June, the seasonally adjusted rate of new home starts nationally was at 582,000 units. The number in May was at 562,000 units.
Not since February to March of 2007 has there been two months of gains in new housing starts, a fact which underscores the prospect that the housing sector of the national and Boston real estate markets truly may be seeing actual stabilization.
In addition to the increase in housing starts in June, building permits needed to start construction increased by nearly 9 percent in the same month. This represents a total of 563,000 units. This is also the highest increase in permit applications since December 2008.
Housing starts hit a record low in April 2009 with 479,000 units.
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