Building permits issued in June rose to 1,397,000 (SAAR). That’s slightly 0.2% above the revised May rate but  4.4% lower than a year ago. Housing starts increased to 1,321,000 (SAAR) in June, up 4.6% from the revised May estimate but 0.5% lower than a year ago, according to the U.S. Census Bureau. Single-family housing starts decreased to 883,000 (SAAR) in June, falling 4.6% from the May estimate and 10% lower than in June 2024. What happened: Housing starts increased slightly in June mostly due to a slight rebound in multifamily construction. Amid a persistent rise in housing inventory that is pulling down house prices, single-family housing starts are now 10% lower than they were a year ago. Single-family starts fell in every region. However, single-family starts are still up when compared to a year ago in the midwest where housing is relatively more affordable and yet sellers still have more bargaining power according to the Zillow Market Heat Index. Why this matters: Builders pumped the brakes…