The number of residential groundbreakings spiked last month, suggesting a future softening of home prices and rental rates as more supply hits the market.
Construction on more than 1.6 million single-family and multifamily units kicked off in May, up 21.7% month-over-month and representing the highest rate since April 2022, according to the Census Bureau. The increase outpaced Bloomberg economist predictions by 200,000 units and was 5.7% ahead of last May, according to Yahoo Finance.