The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for March 2012 showing a decrease in single-family home building permits from the month before of 3.5 percent and a 17.9 percent increase in new home starts compared to the year before.
Highlights from the March 2012 Report:
- Building permits issued for single-family residences were at an annual rate of 462,000 homes which is a 3.5 percent decrease from the prior month and an increase of 17.9 percent from a year before.
- Housing starts for single-family residences were at an annual rate of 462,000 which is a decrease of 0.2 percent from the prior month and an increase of 10.5 percent from a year before.
- Homes completed were at an annual rate of 440,000 homes, which is an increase of 1.4 percent from the prior month and an increase of 13.4 percent from a year before.
As I say every month, we need to remember that all the numbers above are “seasonally adjusted” annual rates and the year over year comparisons are just comparing the numbers for the current month versus the a year before. Another way I like to look at where things stand is to simply look at the year to date data; actual numbers, not seasonally adjusted, compared to last years ytd numbers at this same time. I think this may give a little better comparison so those numbers are below:
- In March, there were 42,200 permits issued for new homes compared with 37,600 the same month of the prior year, for an increase of 12.2 percent.
- In March, there were 39,400 new homes started compared with 36,300 the same month of the prior year, for an increase of 8.5 percent.
- In March, there were 34,000 new homes completed compared with 28,200 the same month of the prior year, for an increase of 20.6 percent.
New home construction continues to slowly increase which encouraging and I expect to see the trend continue and probably increase as we move into the summer.