Builders kept pace with May’s construction numbers—breaking ground on 2 million new homes and apartments in June, a possible sign that the housing market is starting to cool, according to wire reports appearing in the Baltimore Sun.
The unchanged numbers in the month of June reported by the U.S. Commerce Department fell below the 1.1 percent increase that many economists had been expecting—a welcome development to some analysts who believe the country is developing a housing bubble.
According to the reports, construction of single-family homes fell 2.5 percent to an annual rate of 1.67 million units. However, that number was offset by a 14.2 percent increase in apartment construction.