Housing Starts Slowed in May as Higher Interest Rates Eroded Affordability 

Housing starts slowed in May, as mortgage interest rates increased and home sales began cooling.

Starts of residential homes were at a seasonally adjusted annual rate of 1.549 million – a decrease of 14.4% compared with April and down 3.5% compared with May 2021, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

Starts of detached, single‐family homes were at a rate of 1.051 million, a decrease of 9.2%