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The U.S. Commerce Department released housing market data on Thursday. Housing starts dropped 9.3% in June, to an annual rate of 893,000 units, missing expectations of 1,020,000 units, after 985,000 units in May. That was the lowest level since September 2013. May's figure was revised down from 1,001,000 units.
The second-straight monthly decrease was driven by a 29.6% fall in the South. Other regions posted increases.
Building permits declined 4.3% in June, o a rate of 963,000 units, missing forecasts of 1,040,000 units, after 1,005,000 units in May. May's figure was revised up from 991,000 units.
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