Housing Starts, Permits, Fall in June

Washington, DC, July 17, 2014 -- Housing starts fell unexpectedly in June to a nine-month low, according to the Commerce Department.

Housing starts fell 9.3% to an annual rate of 893,000 from 985,000 in May.

Construction fell 29.6% in the South to an annual rate of 375,000, the lowest in almost two years.

Three of four regions had an increase in housing starts in June.

Starts on single-family houses declined 9% to a 575,000 rate.

Multifamily starts fell 9.9% to a 318,000 rate.

Permits fell 4.2% to a 963,000 pace. Economists had expected them to rise to a 1.04 million.

Permits for single-family homes increased 2.6% to a 631,000 unit-pace, the highest level since November. Permits for multifamily housing fell 14.9% to 332,000.

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