US Housing Starts Rebounded in June on Apartment Construction

US housing starts rebounded in June on the strength of multifamily building, while weakness in the larger single-family market pointed to ongoing struggles with bloated inventories and affordability constraints.

New residential construction increased 4.6% to an annualized rate of 1.32 million homes last month, picking up after an almost 10% slide in May, according to government figures released Friday.