US housing starts hit eight-month low

The home construction rate in the United States declined in May to its lowest level in 8 months, influenced by rising mortgage interest rates and increased building material costs. Single-family home commencements fell by 1.9% to 882,000 units annually, marking a 6.7% year-over-year decrease. Multi-family projects with five or more units also experienced a sharp drop of 41.6%. This is accompanied by mortgage interest rates rising by more than 50 basis points since the conflict with Iran began, negatively impacting the housing sector and residential investment.

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