Building permits, considered a leading indicator of future home construction, also rose, increasing 0.8 percent to a 1.817 million annual pace. Permits for single-family homes, at a 1.421 million clip, were at their highest level since Commerce began tracking them in 1960.
June housing starts soar 3.7 percent
Homebuilders in June broke ground on new homes at the fastest pace since January, the Commerce Department announced. Starts went up 3.7 percent to a seasonally adjusted 1.803 million unit annual rate. That followed a revised 1.738 million rate in May and was the fastest pace since January, when it hit a 1.828 million rate.