The numbers: Construction on new homes fell 8% in June, as U.S. homebuilders sharply slowed down starting on new single-family homes and focusing on finishing existing projects.
Housing starts fell to a 1.43 million annual pace last month from 1.56 million in May, the government said Wednesday. The data measures how many houses would be built over an entire year if construction took place at the same rate in every month as it did in June.
The pace of construction in June slowed from a jump of nearly 16% the previous month. The jump in housing starts in May this year was only eclipsed by a surge in construction in March 2021.
Economists on Wall Street were expecting a sharper drop of 9.2%. All numbers are seasonally adjusted. The last time housing starts fell by this much was in July 2022.
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Source: www.realtor.com
ENB
Sandstone Group
