Privately-owned housing starts in May were at a seasonally adjusted annual rate of 532,000. This is 17.2 percent (±14.4%) above the revised April estimate of 454,000, but is 45.2 percent (±5.8%) below the May 2008 rate of 971,000.
Single-family housing starts in May were at a rate of 401,000; this is 7.5 percent (±14.2%)* above the revised April figure of 373,000. The May rate for units in buildings with five units or more was 124,000.
Here are some very interesting housing charts. They break down the single family and total housing starts data by region.
The West's total figures were right below 150,00o for four of the last seven months. But the three months -- February, March and April -- prevent a conclusion the market has stabilized.
There are two ways of looking at the West's data. Either we have a three month rising trend or a 6 month period where starts are fluctuating between 60,000 and 80,000. Either way it's ... interesting.
The south has stabilized for the last 6 months both at the single family level and
The total level
The mid-west has seen five months of increases at the single family level but
At the total level I think the proper phrase is bouncing along the bottom.
The northeast isn't impressing at the single family level but
The total level looks stable (although at an extremely depressed level).
Finally -- we have total US data for all housing starts (single and multi-family)
Although at a low level, that is a fairly stable six months. While I am loathe to call a bottom yet, that chart is extremely encouraging.
