Aarthi Swaminathan of The Wall Street Journal reports that U.S. housing starts fell short of expectations on Wall Street. Swaminathan writes:

Construction of new U.S. homes fell 5.5% in May, the lowest level in four years, as builders pulled back on new projects.

The pace of construction hit a speed bump as builders grappled with higher-than-normal financing costs, as well as elevated mortgage rates that affect home buyers.

Housing starts fell to a 1.28 million annual pace from 1.35 million in April, the government said Thursday. […]

Builders slowed down on starts on all types of homes across most of the nation.

They scaled back on single-family home starts, which fell by 5.2% in May, as well as on apartment starts, which fell even further by 10.3%.

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