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News > Economy
New housing down 7.8 pct.
August 5, 1997: 11:23 a.m. ET

Sharp drop in completed housing units marks third monthly decline
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NEW YORK (CNNfn) - The number of completed housing units continued to shrink, dropping 7.8 percent in June following a revised decrease of 4.7 percent in May, the Commerce Department reported Tuesday.
     The June decline marks the third month in a row that completed housing units have fallen, dropping from an adjusted annual rate of 1.46 million in April to 1.28 million in June.
     June's figures are the lowest for the nation since December 1995.
     Single-family homes numbered 1.05 million while multi-family homes totaled 223,000 in June. Both figures were lower than the 1.1 million single- and 287,000 multi-family homes reported for May.
     June's figures were a 10.1 percent drop from the same month last year, according to the data.
     All four regions of the country experienced drops in completed housing from May to June, the government said.
     The south, which had the most number of new completed homes, dipped from 599,000 units in May to 571,000 in June. The northeast, which had the least number of new homes, fell from 163,000 units in May to 127,000 in June. Back to top

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Construction spending drops - August 4, 1997

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U.S. Department of Commerce

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