New Home Starts Dip in February

New residential construction of single family homes was down in February, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 479,000. This is 22.5% (±9.8%) below the revised January estimate of 618,000 and 20.8% (±9.0%) below the February 2010 rate of 605,000.  Single-family housing starts in February were at a rate of 375,000, 11.8% (±10.0%) below the revised January figure of 425,000. The February rate for units in buildings with five units or more was 96,000.

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 581,000. This is 13.9% (±16.8%) above the revised January estimate of 510,000, but 13.0% (±14.9%) below the February 2010 rate of 668,000.  Single-family housing completions in February were at a rate of 468,000, 11.2% (±15.6%)* above the revised January rate of 421,000. The February rate for units in buildings with five units or more was 107,000.

(resource:  WorldPropertyChannel.com)
Joe Giancarli, SA
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
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