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Affected by high mortgage (housing loan) interest rates, the number of new home completions in the United States fell 5.5% in May.
The U.S. Commerce Department released data on housing starts and building permits for May.
Correspondingly, housing starts fell 5.5% month-on-month in May to 277,000 units out of a total of 1 million.
The market expects new home completions in this period to be between 1 million and 370,000.
Contrary to expectations of growth over the same period, the number of newly built homes in April increased by 4.1% month-on-month to 1 million 352,000 units.
In May, the number of new housing construction projects fell 19.3% year-on-year.
Construction permits hit four-year low
The number of building permits issued in the country also fell by 3.8% month-on-month to 1.0386 million in May.
The market expects that 450,000 construction permits will be issued in May.
The number of building permits in April was 1.044 million, down 3% from the previous month and the lowest level since June 2020.
The number of construction permits fell 9.5% in May from a year earlier.
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