New Housing Starts Fall Further in June

home building
Source: Thinkstock
The U.S. Census Bureau and the Department of Housing and Urban Development reported Thursday morning that new housing starts in June slipped to a seasonally adjusted annual rate of 893,000, a decrease of 9.3% from the revised May rate of 985,000 and an increase of 7.5% compared with the June 2013 rate of 813,000. The consensus estimate from a survey of economists expected a rate of around 1.03 million.

The seasonally adjusted rate of new building permits fell to 963,000, which is 4.2% below the downwardly revised May rate of 1.01 million but 2.7% above the June 2013 rate of 938,000. The consensus estimate called for 1.04 million new permits.

Single-family housing starts fell to an annualized rate of 575,000 in June, down 9% from the revised May rate of 632,000.

Permits for new single-family homes rose 2.6% in June, to an adjusted annual rate of 631,000, from a downwardly revised total of 619,000 in May.

Multi-family starts for buildings with five or more units, a more volatile number than single-family starts, rose 39.3% year-over-year in June.

 ALSO READ: Foreclosure Rates in Florida Remain Sky High

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.