Construction of new homes nudged down slightly in May, with builders pulling back in the Northeast and Midwest. Analysts at Bank of America Merrill Lynch expect that single-family construction will total 800,000 this year. The government's residential construction report can be volatile on a monthly basis, which might explain the slight decrease. Lower borrowing costs have also aided construction and sales of new homes. Starts rose 14.4 percent in the West and 1.5 percent in the South last month.

Source: ABC News June 17, 2016 12:32 UTC