The federal government provided some optimistic news on the housing front today.
The Commerce Department reported that for June new housing starts were at a seasonally adjusted rate of 760,000, an increase of 6.9 percent above the May revised estimate of 711,000.
It is 23 percent better than June of last year when starts were at 615,000.
Going a bit deeper, starts for single-family homes in June were at 539,000, 4.7 percent above May’s revised figure of 515,000.
The figures were greeted with some optimism by experts, who believe the housing industry’s recovery will be the first clear sign the downturn is slowly receding in the rear-view mirror.
The pace of new housing starts was the country’s best in over three years, since October 2008.