"The long-awaited housing market recovery is definitely under way as demand is improving"
- PNC Financial Services Group
Housing starts jumped 6.9% to annual amount of 760 000 in June, the highest level since October 2008, reported the Commerce Department.
However, building permits declined in June to 755 000, indicating a 3.7% decrease from May levels, which contrasted with expectations of economists.
"The long-awaited housing market recovery is definitely under way as demand is improving," said Stuart Hoffman, Chief Economist at PNC Financial Services Group in Pittsburgh.
"Continued growth in the number of households, pent-up demand, very low prices and mortgage rates that have resulted in record-high affordability" are underpinning demand, he said.
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