Housing Starts Beat Expectations, Rise 3.5%

housing startsHousing starts rose 3.5 percent in May to the highest level in months and well above most analysts' estimates.

The Commerce Department said construction of 560,000 new homes was started last month, compared to 541,000 a month earlier. Despite the monthly increase, new home construction in May fell 3.4 percent from last year.

Analysts polled by Econoday were expecting housing starts of 547,000 last month with a range of estimates between 530,000 and 560,000. Economists surveyed by Briefing.com projected starts of 540,000 for May.

Read the full story at HousingWire.

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