U.S. home construction slows in June

WASHINGTON ― Privately-owned housing units authorized by building permits in June were at an annualized rate of 1,273,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. That SAAR is 2.2% below the revised May rate of 1,301,000, and 3% below last June’s 1,312,000. Housing starts were at a SAAR of 1,173,000. That puts June activity 12.3% below the revised May estimate of 1,337,000, and 4.2% below the rate of 1,225,000 a year ago.