Housing starts increased in January, starting 2018 off at a strong pace; however, it is unclear if that pace will continue

Privately owned housing starts came in at a seasonally adjusted annual rate of 1.33 million in January, according to the latest release from the U.S. Census Bureau. This is up 9.7% from the revised December estimate of 1.21 million, and up 7.3% from last year’s 1.24 million.

And while most of this strong pace was set by multifamily starts, single-family housing starts increased as well, rising 3.7% from December’s 846,000 to 877,000 in January.

“Terrific news on housing starts in January with a solid 10% gain,” said Lawrence Yun, National Association of Realtors chief economist. “This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

“The large gain in housing starts in the West, 10.7%, is especially welcomed, as that region has been facing acute housing shortages,” Yun said. “Ultimately, there is still large room for improvement given the fact overall housing inventory is currently near historic lows.”

But it is still unclear if this…………….

Full story at HOUSINGWIRE