Housing starts, completions down on monthly basis

Residential construction figures showed various trends during August.According to data released by the U.S. Department of Commerce, the pace of residential construction during August showed fluctuations in all areas.During August, the rate of building permits issued for privately owned homes increased by 3.2 percent to a seasonally adjusted pace of 620,000, surpassing July's revised rate of 601,000. In addition, the monthly pace was 7.8 percent better than the pace of 575,000 recorded in August 2010.Single-family authorizations during August also increased during August, growing 2.5 percent to an adjusted pace of 413,000. However, the pace for both starts and completions were lower.During August, privately owned home starts dropped 5 percent from July to an adjusted rate of 571,000. The total is also down 5.8 percent from the pace of 606,000 recorded in August 2010. Single-family starts fell 1.4 percent from July to an adjusted pace of 417,000.Private home completions settled at an adjusted pace of 623,000, which is 2.7 percent below July's rate and 2.6 percent behind the pace set in August 2010 of 607,000.In addition to slowed rates, home builder confidence declined slightly during August amid economic strife. However, in the Houston real estate market, sales may hold steady, as the local job market has continued to remain strong.Courtesy of 2M Realty News

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