The number of new home starts in the US surged in June after falling sharply in the previous month, mainly driven by a rebound in apartment construction. According to official data released on Friday, the number of new housing starts increased by 19% in June, equivalent to an annual rate of 1.43 million units, the highest level since March. The data was higher than expected by all economists in the survey. The number of multi-family housing starts increased by more than 76%, equivalent to an annual rate of 532,000 units. The figure plummeted by nearly 40% in the previous month. Meanwhile, the number of single-family housing starts fell by 0.2%, falling again after a spring when builders experienced an overall downturn. The rebound in multi-family housing construction highlights the volatility of monthly data, particularly in the condominium sector. However, high housing prices and high mortgage interest rates have been suppressing demand for single-family homes, and these factors may also support the demand for apartments. Meanwhile, single-family home builders have generally been facing high inventories and weak demand. This has forced many builders to attract buyers through sales incentives.

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