New U.S. home construction ticked higher in June after declining the previous month, even as the housing market continues to confront headwinds like higher mortgage rates.
Housing starts rose 3.9% last month to an annual rate of 1.45 million units, according to new Commerce Department data released Wednesday. That is slightly above Refinitiv economists’ forecast for a pace of 1.44 million units.
Applications to build – which measures future construction – also inched higher, climbing 0.1% over the course of the month to an annualized rate of 1.44 million units. Compared with the same time last year, building permits are down about 13%.
COMMERCIAL REAL ESTATE MARKET COULD CRASH SOON. HERE’S WHY
This is a developing story. Please check back for updates.