REUTERS/Gary Cameron
- Construction on new single-family homes fell 7% to a seasonally adjusted annual rate of 935,000 units.
- This is a turnaround from May's surprising 18.7% surge.
- Multifamily housing starts fell 11.6% to 482,000 units, the lowest since December.
Housing starts fell in June as higher costs and mortgage rates slowed activity in a key area of the market that has been adding supply.
Construction on new single-family homes fell 7% to a seasonally adjusted annual rate of 935,000 units, breaking a four-month streak of gains and following an 18.7% jump in May.
Meanwhile, multifamily housing starts dropped to 11.6% to 482,000 units, hitting the lowest rate since December.