New home construction ticked up in June after hitting a five-year low in May — the lowest level since the thick of the coronavirus pandemic.

Private home building came in at a seasonally adjusted annual rate of 1.32 million new houses in June, the Commerce Department reported Friday.

The number was up about 4.6 percent from May but still half a percent lower than June of last year.

After rising during the economic rebound from the pandemic, housing construction has languished since 2022.

Housing completions fell off a cliff in June, dropping by almost 15 percent on a seasonally adjusted basis from May. That’s the lowest rate since January 2022.

Permits to build new houses stayed flat from May to June at a rate of about 1.4 million.

The U.S. is experiencing a massive housing shortage, which is at the root of the country’s housing affordability crisis, according to the Joint Center for Housing Studies at Harvard University.

Public mortgage backer........

© The Hill