Single-family housing construction starts slump as homebuyers pullback

Housing Market Overview - Housing starts and permits in May were below expectations [2] - New home construction is at a five-year low [1][5] Multifamily Housing - Multifamily starts decreased over 30% month-to-month [2] - Record supply of new apartment units has been delivered in recent years [2] - Permits, a future indicator, are higher due to stronger rental demand [2] Single-Family Housing - Single-family starts were flat for the month and down over 7% year-over-year [3] - Low builder sentiment and weaker outlook from Lenar's earnings report contribute to the slowdown [3] - Consumer reluctance to invest due to high costs, rates, and economic uncertainty [3] Mortgage Demand - Mortgage applications to purchase a home dropped again last week [4] - Applications for newly built homes were down over 4% year-over-year in May [4] - Mortgage rates have been hovering just below 7% [4]