The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2018
- Building Permits: 1,273,000
- Housing Starts: 1,173,000
- Housing Completions: 1,261,000
New Home Sales
Sales of new single-family houses in June 2018 were at a seasonally adjusted annual rate of 631,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.3 percent (±17.1 percent)* below the revised May rate of 666,000, but is 2.4 percent (±24.0 percent)* above the June 2017 estimate of 616,000.
Sales Price
The median sales price of new houses sold in June 2018 was $302,100. The average sales price was $363,300.
Decline in foreigners buying homes
According to CNBC, there has been a record drop in foreigners buying homes in the US. Home purchases by overseas buyers have fallen 21%, dealing fresh blow to housing market. Buyers from China, Canada, India, Mexico and the United Kingdom accounted for nearly half of the dollar volume of sales to international buyers.
Sales to Canadian buyers fell by 45 percent.
Of the $121 billion in sales to international buyers, those currently living in the U.S purchased $67.9 billion in properties, while nonresident foreigners purchased $53 billion, both marking a drop from the previous year. Chinese buyers also purchased the most expensive homes, with a median price of $439,100. The median price for Canadian buyers was $292,000.
Building Permits
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,273,000. This is 2.2 percent (±1.2 percent) below the revised May rate of 1,301,000 and is 3.0 percent (±1.1 percent) below the June 2017 rate of 1,312,000. Single-family authorizations in June were at a rate of 850,000; this is 0.8 percent (±1.5 percent)* above the revised May figure of 843,000. Authorizations of units in buildings with five units or more were at a rate of 387,000 in June.
Housing Starts
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,173,000. This is 12.3 percent (±8.3 percent) below the revised May estimate of 1,337,000 and is 4.2 percent (±10.2 percent)* below the June 2017 rate of 1,225,000. Single-family housing starts in June were at a rate of 858,000; this is 9.1 percent (±8.8 percent) below the revised May figure of 944,000. The June rate for units in buildings with five units or more was 304,000.
Housing Completions
Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,261,000. This is 0.0 percent (±11.3 percent)* below the revised May estimate of 1,261,000, but is 2.2 percent (±14.5 percent)* above the June 2017 rate of 1,234,000. Single-family housing completions in June were at a rate of 862,000; this is 2.3 percent (±8.4 percent)* below the revised May rate of 882,000. The June rate for units in buildings with five units or more was 393,000.
Sources
- https://www.census.gov/newsroom/stories/2018/housing.html
- https://www.census.gov/construction/nrs/pdf/newressales.pdf
