The U.S. Census Bureau and U.S. Department of Housing and Urban Development said today that single family housing starts hit a seasonally adjusted annual rate of 630,000 in August, down about 34.9 percent compared to August 2007. Sorry for the bad news folks, but this is the lowest level since January 1991.

Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 854,000. This is 8.9 percent (±1.5%) below the revised July rate of 937,000 and is 36.4 percent (±1.5%) below the revised August 2007 estimate of 1,343,000.

Single-family authorizations in August were at a rate of 554,000; this is 5.1 percent (±1.3%) below the July figure of 584,000.

Authorizations of units in buildings with five units or more were at a rate of 271,000 in August. New residential construction data is available at http://www.census.gov/newresconst 

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JOSEPH ROMANO, BROKER/OWNER/WATCHUNG NJ/SELLSTATE ACCESS REALTY/ SELLSTATE ACCESS NEW JERSEY 908-429-4200 info@sellstateaccess.com