Privately-owned housing starts in August were at a seasonally adjusted annual rate of 750,000. This is 2.3 percent (±10.2%)* above the revised July estimate of 733,000 and is 29.1 percent (±12.8%) above the August 2011 rate of 581,000.
Single-family housing starts in August were at a rate of 535,000; this is 5.5 percent (±10.4%)* above the revised July figure of 507,000. The August rate for units in buildings with five units or more was 208,000.
A SAAR of 750k housing starts is, with the exception of June’s 604k starts, the highest reading we have seen since October of 2008.
Compared to historical figures, housing is still in the gutter, but it does seem that we have at least bottomed. This is not to say housing will be booming, but that many analysts expect a prolonged period that housing statistics will remain in their current ranges.