Housing starts in May recorded their largest month-on-month decline since the height of the COVID-19 pandemic. A fall in housing demand due to higher mortgage rates is occurring at the same time as home completions have hit a 15-year high, which will be dissuading builders from starting new projects. That dynamic will continue over the remainder of the year, and that will push single-family starts down to 850,000 annualised by the end of the year.
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