In June, single-family housing starts decreased to a rate of 883,000, down 4.6% from May's revised figure of 926,000. Multifamily construction increased, contributing to a small rise in housing permits and overall starts. The number of building permits issued reached 1,397,000 and total housing starts were 1,321,000. Many builders reported price cuts, highlighting the sensitivity of buyers in the current market. Recent mortgage application rates showed an 8.5% increase from the previous year, though they declined 4% from the preceding month.
In June, single-family housing starts were at a rate of 883,000, which is 4.6% below the revised May figure of 926,000. This indicates a decline in new home construction.
A jump in multifamily construction led to a slight increase in housing permits and starts in June, but single-family construction remains at an 11+ month low, reflecting ongoing market weakness.
Nearly 40% of builders reported making price cuts in June, emphasizing the price sensitivity of home shoppers in the current market environment.
Despite a decrease in housing starts, mortgage applications for new home purchases saw an 8.5% increase year over year in June, although they decreased by 4% from May.
Collection
[
|
...
]