Figures released Wednesday show U.S. home building fell to a nine-month low last month and permits declined for a third straight month, thus dealing a blow to the housing market south of the border as it struggles with an acute shortage of properties available for sale.
The Commerce Department said housing starts tumbled 12.3% in June to a seasonally-adjusted annual rate of 1.173 million units last month. That was the lowest level since last September.
The percent drop was the biggest since November 2016. Data for May was revised down to show starts rising at a 1.337 million-unit rate instead of the previously reported 1.350 million-unit rate. Starts fell in all four regions last month.
The department said building permits dropped 2.2% to a rate of 1.273 million units, also the lowest level since September 2017.
Economists had forecast housing starts falling to a pace of 1.320 million units last month and permits rising to a rate of 1.330 million units.
