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Housing starts continue climb in May

06.21.2013

Housing starts rose recently.

The residential housing inventory may be helped by a continued rise in the level of housing starts last month.

During May, the rate of housing starts rose to an annual rate of 914,000 units, according to a report from the Department of Commerce. This was nearly 7 percent higher than in April, when the rate reached 856,000, as well as close to 29 percent improved from one year earlier, when it was 711,000.

"A lot of us are expecting that we need 1.6 million to 1.9 million housing starts to keep up with population growth," said Brad O'Connor, chief accounting officer at Hovnanian Enterprises, according to Bloomberg. "Housing creation shows that we should still have a fair amount of pent-up demand and an ongoing recovery to the housing market, that we're just in the beginning of that recovery."

While starts continued to make progress recently, there was also some gains in the overall inventory level. A report from the National Association of Realtors showed that overall housing inventory rose to 1.93 million units in March. This was 1.6 percent higher than the previous month's figure.

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