The number of new home starts in the US surged in June after falling sharply in the previous month, mainly driven by a rebound in apartment construction. According to official data released on Friday, the number of new housing starts increased by 19% in June, equivalent to an annual rate of 1.43 million units, the highest level since March. The data was higher than expected by all economists in the survey. The number of multi-family housing starts increased by more than 76%, equivalent to an annual rate of 532,000 units. The figure plummeted by nearly 40% in the previous month. Meanwhile, the number of single-family housing starts fell by 0.2%, falling again after a spring when builders experienced an overall downturn. The rebound in multi-family housing construction highlights the volatility of monthly data, particularly in the condominium sector. However, high housing prices and high mortgage interest rates have been suppressing demand for single-family homes, and these factors may also support the demand for apartments. Meanwhile, single-family home builders have generally been facing high inventories and weak demand. This has forced many builders to attract buyers through sales incentives.

The number of new home starts in the US surged in June after falling sharply in the previous month, mainly driven by a rebound in apartment construction. According to official data released on Friday, the number of new housing starts increased by 19% in June, equivalent to an annual rate of 1.43 million units, the highest level since March. The data was higher than expected by all economists in the survey. The number of multi-family housing starts increased by more than 76%, equivalent to an annual rate of 532,000 units. The figure plummeted by nearly 40% in the previous month. Meanwhile, the number of single-family housing starts fell by 0.2%, falling again after a spring when builders experienced an overall downturn. The rebound in multi-family housing construction highlights the volatility of monthly data, particularly in the condominium sector. However, high housing prices and high mortgage interest rates have been suppressing demand for single-family homes, and these factors may also support the demand for apartments. Meanwhile, single-family home builders have generally been facing high inventories and weak demand. This has forced many builders to attract buyers through sales incentives.