US housing starts rose 19% in June to a 1.43 mln annualized rate, the strongest since March and above economist forecasts, government data showed. Multifamily starts surged about 76% to a 532k annualized rate after a near-40% drop the prior month; single-family starts slipped 0.2%. High home prices and elevated mortgage rates are suppressing single-family demand but appear to be supporting apartment building. Builders report high single-family inventory and weak demand, prompting sales incentive

US housing starts rose 19% in June to a 1.43 mln annualized rate, the strongest since March and above economist forecasts, government data showed. Multifamily starts surged about 76% to a 532k annualized rate after a near-40% drop the prior month; single-family starts slipped 0.2%. High home prices and elevated mortgage rates are suppressing single-family demand but appear to be supporting apartment building. Builders report high single-family inventory and weak demand, prompting sales incentives. Forward-looking permits fell 3% to the lowest since March; single-family permits hit a 10-month low and multifamily permits also declined, signalling downside risk to future construction activity.