Housing Starts Up as Inventory Thins

The National Association of Home Builders reports a substantial uptick in housing starts for multifamily homes, but says single family homes were also up and those increases tended to be nationwide.
"Having drawn down inventories to very thin levels over the past year, some home builders are now carefully replenishing their supplies in response to demand from smart buyers who are taking advantage of low interest rates and prices," said NAHB President Joe Robson.
Single family housing starts gained 7.5 percent in May, breaking the 400,000 mark for the first time since November 2008 to reach seasonally adjusted annual rate of 401,000 units. Meanwhile, starts in the much more volatile multifamily sector posted a 77 percent gain.