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%