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Monthly New Residential Construction, June 2018
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2018: Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,273,000. This is 2.2 percent (±1.2 percent) below the revised May rate of 1,301,000 and is 3.0 percent (±1.1 percent) below the June 2017 rate of 1,312,000. Single-family authorizations in June were at a rate of 850,000; this is 0.8 percent (±1.5 percent)* above the revised May figure of 843,000. Authorizations of units in buildings ... (full story)
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U.S. Housing Starts Plunge by Most Since 2016 to Nine-Month Low
U.S. new-home groundbreaking and permits fell in June to the slowest pace in nine months, as higher mortgage rates and elevated costs for labor and materials pinch the housing market, government figures showed Wednesday. While the data are volatile and often subject to significant revisions, the report may spark concern that the housing market is slowing even more than previously thought amid constraints for both buyers and developers. Potential customers are grappling with elevated interest rates and ever-rising home prices that are easily outpacing wage gains, even as a robust job market and tax cuts are supporting ... (full story)