Housing starts tumble to 9-month low as market headwinds crush momentum.

Housing starts tumble to 9-month low as market headwinds crush momentum.

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Housing starts tumble to 9-month low as market headwinds crush momentum

 

Housing starts tumble to 9-month low as market headwinds crush momentum.

Housing starts tumble to 9-month low as market headwinds crush momentum. Builders broke ground on far fewer homes in June, signalling more of the stop-start rhythm that’s characterized the uneven housing recovery. June’s pace of starts was 12.3% lower than a downwardly-revised May, and 3% lower than year-ago levels.

Builders broke ground on far fewer homes in June, signalling more of the stop-start rhythm that’s characterized the uneven housing recovery. June’s pace of starts was 12.3% lower than a downwardly-revised May, and 3% lower than year-ago levels.

Permits, which signal future start activity, were at a seasonally adjusted annual 1.273 million pace.

In a note published Tuesday, before the data release, BTIG analysts noted that their BTIG/HomeSphere Builder Survey found sales trends were sluggish in June. One-quarter of survey respondents said they had lower sales volumes than a year ago, while 51% saw traffic that was flat or lower than in June 2017.

“We believe builders are attempting to hold price to maintain margins at the expense of unit volume: 50% raised ‘most or all’ base prices in June, versus in May,” the analysts wrote. Two-thirds of respondents reported increased labor costs, while 86% reported higher material costs.

Those higher prices may be too much for many buyers

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