Today’s New Residential Construction Report showed mixed results in August with an 3.8% decline to total housing permits while single family permits total and single family starts improved on the month.Single family housing permits, the most leading of indicators, increased 3.0% from July to 627K single family units (SAAR), and increased 20.6% above the level seen in August 2012 but still remained well below levels seen at the peak in September 2005.
Single family housing starts increased 7.0% from July to 628K units (SAAR), and rose 16.9% above the level seen in August 2012 but still remained well below the peak set in early 2006.
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