The two agencies noted that housing starts in June were 5 percent lower than the month before. At a seasonally adjust annual rate, 549,000 properties saw construction begin during the sixth month of the year. That number is also 5.8 percent lower than was seen during June of last year.
Starts on single family projects were also down 0.7 percent when comparing figures in June and May. The former saw 454,000 projects begin, while the latter posted a figure of 457,000.
"However, today's report is actually somewhat encouraging, because it indicates that single-family production is stabilizing following an expected lull that occurred with the end of the home buyer tax credit program," said National Association of Home Builders president Bob Jones.
Recently, the NAHB-Wells Fargo survey of homebuilders showed that confidence dropped in July among those who construct houses across the country. Faith in the sale of new homes has fallen steadily since the end of the tax credit from the government.
