Economic news

US single-family housing starts decline in June

2024.07.17 08:46

WASHINGTON (Reuters) – U.S. single-family homebuilding dropped further in June, but activity is likely to rebound in the months ahead amid growing optimism the Federal Reserve will deliver a long-awaited interest rate cut in September.

Single-family housing starts, which account for the bulk of homebuilding, fell 2.2% to a seasonally adjusted annual rate of 980,000 units last month, the Commerce Department’s Census Bureau said on Wednesday. Permits for future construction of single-family homes slipped 2.3% to a rate of 934,000 units.

Single-family housing starts increased 5.4% on a year-on-year basis in June. Homebuilding was strong for much of last year and through the first quarter of 2024 amid a dearth of previously owned houses on the market.

© Reuters. Single-family residential homes are shown under construction in Menifee, California, U.S., March 28, 2024.  REUTERS/Mike Blake/File photo

Momentum, however, fizzled as the average rate on a 30-year fixed-rate mortgage pushed back above 7% in April against the backdrop of high inflation and a strong economy.

With inflation subsiding and financial markets expecting a rate cut in September followed by additional cuts in November and December, mortgage rates have been trending lower.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 81,395.81 3.55%
ethereum
Ethereum (ETH) $ 1,877.46 3.57%
tether
Tether (USDT) $ 0.999997 0.01%
xrp
XRP (XRP) $ 2.23 5.57%
bnb
BNB (BNB) $ 631.66 0.37%
solana
Solana (SOL) $ 123.38 4.71%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.686726 5.49%
dogecoin
Dogecoin (DOGE) $ 0.16383 6.81%
tron
TRON (TRX) $ 0.227029 3.18%
staked-ether
Lido Staked Ether (STETH) $ 1,876.82 3.51%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,295.78 3.39%
the-open-network
Toncoin (TON) $ 3.60 3.24%
leo-token
LEO Token (LEO) $ 9.71 1.10%
chainlink
Chainlink (LINK) $ 13.49 3.81%
usds
USDS (USDS) $ 1.00 0.04%
stellar
Stellar (XLM) $ 0.267618 3.19%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,246.95 3.29%
pi-network
Pi Network (PI) $ 1.14 15.44%
hedera-hashgraph
Hedera (HBAR) $ 0.182774 5.54%
avalanche-2
Avalanche (AVAX) $ 18.40 2.56%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 6.28%
sui
Sui (SUI) $ 2.24 4.77%
mantra-dao
MANTRA (OM) $ 6.93 0.75%
litecoin
Litecoin (LTC) $ 87.82 5.92%
bitcoin-cash
Bitcoin Cash (BCH) $ 331.30 3.01%
polkadot
Polkadot (DOT) $ 4.29 2.69%
bitget-token
Bitget Token (BGB) $ 4.56 2.32%
ethena-usde
Ethena USDe (USDE) $ 0.999619 0.00%
weth
WETH (WETH) $ 1,876.70 3.63%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.18%
hyperliquid
Hyperliquid (HYPE) $ 13.37 2.06%
whitebit
WhiteBIT Coin (WBT) $ 28.14 1.47%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,994.88 3.54%
monero
Monero (XMR) $ 206.66 2.30%
uniswap
Uniswap (UNI) $ 6.11 3.91%
susds
sUSDS (SUSDS) $ 1.04 0.03%
dai
Dai (DAI) $ 0.99994 0.01%
aptos
Aptos (APT) $ 5.24 3.67%
okb
OKB (OKB) $ 50.42 0.48%
near
NEAR Protocol (NEAR) $ 2.51 5.80%
pepe
Pepe (PEPE) $ 0.000007 8.00%
mantle
Mantle (MNT) $ 0.803492 4.10%
internet-computer
Internet Computer (ICP) $ 5.63 5.67%
gatechain-token
Gate (GT) $ 21.56 1.72%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.84 0.43%
ethereum-classic
Ethereum Classic (ETC) $ 17.27 4.18%
ondo-finance
Ondo (ONDO) $ 0.810493 7.52%
aave
Aave (AAVE) $ 165.53 5.81%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 81,457.82 3.50%