Starts rose 3.6% last month, missing the median estimate of a 3.9% gain. The reading suggests soaring material costs curbed the construction rebound.
Huge demand and years of underbuilding dragged supply to record lows. Millennials risk being priced out of the housing market if it doesn't rebound.
Housing starts slid 9.5% in April, terrible news for a housing market millions short of supply. Soaring lumber prices likely hindered construction.