Housing Starts Fell From Last Month’s Surprisingly Fast Pace
The rate of both construction permitting and housing starts retreated from their May levels last month. The significant increase in estimated starts from April to May was also revised lower.
The U.S. Census Bureau and Department of Housing and Urban Development report that housing starts in June were at a seasonally adjusted rate of 1.434 million units. This is an 8.0 percent decline from the rate of 1.559 posted for May, a revision from the original estimate of 1.631 million. The pace of housing starts is now 8.1 percent lower than in June 2022.
Single family declined 7.0 percent from the May rate of 1.005 million units to 935,000 units and starts in buildings with five or more units declined 11.6 percent to 482,000. Single-family starts were 7.4 percent and multifamily starts 11
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