Initial construction of U.S. homes was slightly lower than expected in May, with the number of single family homes hitting a 17-year low, according to a government report released Friday.
Privately owned housing starts fell 3.3% to a seasonally adjusted annual rate of 975,000 in May from April’s revised 1,008,000, according to the Commerce Department.
Economists were expecting housing starts to decline to 980,000 from the originally reported 1,032,000, according to a consensus estimate of economists compiled by Briefing.com.
Michael Larson, real estate analyst at Weiss Research, said Tuesday’s report shows “a market that’s stuck in the doldrums.”
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