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.
Source: Census.gov
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.
