New construction slows in May as builder confidence drops due to high interest rates, impacting housing starts and market inventory. In May, the issuance of building permits dropped to 1,386,000 (SAAR), marking a 3.8% decline from April and a 9.5% decrease compared to last year. Housing starts also saw a decline, falling to 1,277,000 (SAAR), which is 5.5% lower than April’s revised numbers and 19.3%...