Market Update: Housing Starts Dip in May

Housing starts slightly fell 0.3 percent in May to a seasonally adjusted rate of 1.116 million units. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The dip in housing starts in May was primarily driven by regional drops in the Northeast and Midwest, yet year-over-year growth remains high. Another month of gains in building permits coupled with near record low rates provide opportunity for a bounce back in new home sales.”

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