One more sign the housing market is cooling off - CNN

Summary

Another indication the hot housing market is cooling off? New residential construction and the number of permits issued for building homes both fell in May.

The number of housing starts fell for the second month in a row in May, dropping 14.4% from April and 3.5% from the year before. The pullback was driven by declines in both single-family and multi-family new home construction.

Another indication the hot housing market is cooling off? New residential construction and the number of permits issued for building homes both fell in May.

The number of housing starts fell for the second month in a row in May, dropping 14.4% from April and 3.5% from the year before. The pullback was driven by declines in both single-family and multi-family new home construction.

Uncertainty around quickly changing economic conditions, like inflation data and the Federal Reserve's interest rate hike, has caused sentiment in the building industry to falter, said Kelly Mangold of RCLCO Real Estate Consulting.

"Housing starts slowed in reaction to these factors, as well as in light of persistent supply chain issues," she said.

However, the job market continues to perform strongly and Millennials are still starting families, indicating that there is likely still pent-up demand for housing, she said. But, given the high prices and higher mortgage rates, she added that many buyers are still hesitant to jump into the market.

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One more sign the housing market is cooling off - CNN
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