Americans are canceling new home construction plans as mortgage rates rise ...Middle East

The US housing market is not as invincible as builders once thought it was.New US home construction fell by 14.4% from April to May, and housing starts slowed down to the slowest pace since November 2020. The decline was led by multi-family unit construction, which dropped nearly 24%, but single-family construction fell, too, by 9.2%.Permits—which would signal future residential construction—tumbled by 7%, and homebuilder sentiment is at its lowest since June 2020.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.

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