Housing Starts Tumble 9.9% for June
Housing starts fell 9.9% for June to a seasonally adjusted annual rate of 836,000, according to a Commerce Department report (link opens a PDF) released today. After dropping more than 15% in April to rise back around 8.9% in May, this latest report adds on another month of volatile roller coaster results. Analysts' predictions proved far off the mark, having expected another rise, to an annual rate of 951,000.
Housing permits tapered off 7.5%, to a seasonally adjusted annual rate of 911,000, while housing completions finished off the month up 6.3% at a 710,000 rate.
Over the last year, housing starts have increased 10.4%, permits are up 16.1%, and completions take the cake with a 20.2% jump.
Today's news comes a day after a July report revealed that homebuilder confidence has hit a seven-year high.
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