June Commerce Dept. Data Shows More Bad News for Housing Market


FILE - In this Sept. 29, 2020 file photo, a sale pending sign is displayed outside a residential home for sale in East Derry, N.H. Sales of previously occupied U.S. homes rose in July for the second month in a row, though they only increased modestly from a year ago, suggesting the red-hot housing market may be cooling off a little. Existing homes sales rose 2% last month from June to a seasonally-adjusted annual rate of 5.99 million units, the National Association of Realtors said Monday, Aug. 23, 2021. (AP Photo/Charles Krupa, File)
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Things are not shaping up well for the overall national housing market outlook. According to new data from the U.S. Department of Commerce, housing starts dropped 2% in June — the lowest level since September 2021.

Permits for new construction also slowed last month. Consumers are blaming high prices and a roller coaster when it comes to mortgage rates that have risen and fallen several times over the past few months.

Single-family home activity recently dropped to a two-year low. Analysts say that the housing market has already had a negative impact on GDP.

Single-family housing starts, the biggest share of home building, fell more than 8% to less than a million — the first time it’s been that low in two years. Single-family home building did increase in the Midwest but fell 25% in other parts of the country — the largest drop since January 2021.

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