The U.S. housing market continues to struggle, according to new data released Tuesday morning.
The U.S. Commerce Department said housing starts declined more than expected in August, falling 5 percent to a seasonally adjusted annual rate of 571,000 units as groundbreaking for both single-family and multi-family units moved lower, according to a Reuters report. At the same time permits for future construction increased, the news wire reported.
July's starts were revised down to a 601,000 unit pace, which was previously reported as a 604,000 unit rate, Reuters said. Economists polled by Reuters had forecast housing starts to fall to a 590,000-unit rate in August.