The US housing market is not as invincible as builders once thought it was.
New US home construction fell by 14.4% from April to May, and housing starts slowed down to the slowest pace since November 2020. The decline was led by multi-family unit construction, which dropped nearly 24%, but single-family construction fell, too, by 9.2%.
Permits—which would signal future residential construction—tumbled by 7%, and homebuilder sentiment is at its lowest since June 2020.
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