U.S. Single-Family Homebuilding Slips to Eight-Month Low in May
Single-family housing starts fell 1.9% in May to a seasonally adjusted annual rate of 882,000 units, the lowest reading since September, as rising mortgage rates and elevated building costs weighed on construction activity. Permits for future single-family construction rose 0.6% to 886,000, while residential investment has now contracted for five s…